(MENAFN) South Korea's inbound shipments of oil from Iran more than doubled through the first three month from a year earlier after international sanctions on the Middle East country were removed in January.
In accordance, imports of Iranian crude oil and condensates touched a total of 22.85 million barrels in the January-March timeframe, as opposed to 10 million barrels a year ago, based on the latest data.
By value, Korean imports of Iranian crude increases 17.6pct on-year to USD629mn throughout the first quarter, plus currently, only two oil refiners; SK Innovation Co. and Hyundai Oilbank Co. import Iranian crude oil.
Industry watchers stated a large chunk of the import jump over the 1st quarter was driven by condensates, which are very similar to light stabilized crude oil and are used as feedstock for oil refining and other petrochemical industries.
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