Warning: session_start() [function.session-start]: open(/tmp/sess_1ad54d7f0969dbce208b51b5825a5e11, O_RDWR) failed: No such file or directory (2) in /home/opexmaga/public_html/single-blog.php on line 2

Warning: session_start() [function.session-start]: Cannot send session cookie - headers already sent by (output started at /home/opexmaga/public_html/single-blog.php:2) in /home/opexmaga/public_html/single-blog.php on line 2

Warning: session_start() [function.session-start]: Cannot send session cache limiter - headers already sent (output started at /home/opexmaga/public_html/single-blog.php:2) in /home/opexmaga/public_html/single-blog.php on line 2
Energy World Magazine |Energy World: South Korea’s Iran Oil imports Rise 106%
opexmagazine

Energy World: South Korea’s Iran Oil imports Rise 106%

BY

South Korea's imports of oil from Iran more than doubled in the first nine months of this year from a year earlier after international sanctions on the country were lifted in January, industry data showed on Sunday.


According to the data, imports of Iranian crude oil and condensates reached 78 million barrels in the January-September period, compared with 33.63 million barrels a year earlier, Yonhap news agency reported.

Iranian oil accounted for 9.7% of the country's total oil imports during the cited period, the data showed.

In September alone, the country imported 12.15 million barrels, worth $526 million, up 106% and 72.3%, respectively, from a year earlier.

Iran had been a major exporter of crude to South Korea, but international sanctions on Tehran for its nuclear program had sharply reduced bilateral trade.

With a population of over 80 million, Ira is a resource-rich country, holding the world's fourth-largest oil reserves and the second largest gas reserves.

Last year, South Korea imported $2.20 billion worth of crude oil from Iran, down 51% from the previous year and far lower than $9.36 billion in 2011. By volume, imports of crude and condensates came to 42.4 million barrels last year, down from 44.92 million in 2014, 56.14 million in 2012.

So far, South Korea has been importing condensates from Qatar and the US, but after the lifting of sanctions on Iran, local oil refiners sharply jacked up the imports of the gassy ultra light fossil fuel from Iran.

Energy World Magazine

 

comments

leave a Comment

Newsletter

To be in touch with us, subscribe please.

Contact us

Get in touch with us

No.10, Naghdi St, North Mofateh St, Beheshti Ave, Tehran - Iran

Tel :(+98 21) 88511611

Fax :(+98 21) 88508250

info@opexmagazine.ir

Top photos

  • Iran-Oman trade set to exceed $1b
  • Downstream Industries Key to Petchem Development
  • ‘WTO membership needed for Iran’s economic future’
  • A two-day event in Iran Energy Ministry
  •  Iran, Finland keen to expand bilateral ties
  •  Major gas exporters to meet in Tehran next month
  • Using 10/20 grade Bitumen could help save African Governments millions in costs
  •  SWIFT awaits OK for Iran services
Back to Top

Warning: Unknown: open(/tmp/sess_1ad54d7f0969dbce208b51b5825a5e11, O_RDWR) failed: No such file or directory (2) in Unknown on line 0

Warning: Unknown: Failed to write session data (files). Please verify that the current setting of session.save_path is correct (/tmp) in Unknown on line 0