Asian Iran oil buyers to secure another US sanctions waiver

November 30, 2012 04:10


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SEOUL/NEW DELHI - Asia's top buyers of Iranian crude are likely to secure US approval to continue imports from the Islamic Republic without incurring sanctions, after cutting volumes sharply in the second half of the year, according to government and trade sources.

Government officials in India and South Korea said they expect waivers from US sanctions on Iran, secured in the middle of the year, to be rolled over for another six months. In China, the top buyer of Iranian crude and the Islamic Republic's largest trade partner, traders said the main state-run oil importers expect a further exemption.

The United States is due to decide early in December whether to extend the waivers, which it granted on condition that countries cut their crude imports from Iran. A renewal means banks in the three countries get another reprieve from the threat of being cut off from the US financial system.

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