(MENAFN) After the removal of Western sanctions on Iran in January, South Korea intends to boost imports of Iranian oil, particularly condensates over the current year to meet climbing demand at home.
Additionally, South Korea, which is the world's fifth largest importer of crude, is also a chief buyer of condensate, which is super light oil that can be treated into fuels and petrochemicals.
In accordance, the Islamic Republic is exporting 100,000 barrels of oil a day to the Asian nation, one of its main crude customers, and hopes to double that figure by the end of this year.
The world's fourth-largest economy also anticipates sealing a memorandum of understanding with the Persian Gulf Republic to lease out oil storage facilities in the North Asian country.
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