S.Korean refiner resumes Iranian oil import

By REUTERS
October 5, 2012 08:53




SEOUL - South Korean refiner Hyundai Oilbank has loaded a cargo of crude in Iran for delivery later this month, a company source said on Friday, while a cargo for refiner SK Energy arrived this week as Seoul resumes imports following a two-month gap.

The north Asian country has restarted Iranian oil imports of about 6 million barrels per month, or 200,000 barrels per day (bpd) of full contracted volumes, after a way was found to get around a European Union ban on insurance cover.

The cargoes are being transported under Iranian insurance cover to avoid sanctions, refining and government sources said.

Among South Korea's four refiners, only SK Energy and Hyundai Oilbank import Iranian crude.

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