29 Mar 2024
Wednesday 7 November 2012 - 15:19
Story Code : 9850

Iran oil tanker signals for Daesan as Korea continues importing

Iran oil tanker signals for Daesan as Korea continues importing
By Bloomberg

An Iranian supertanker is sailing forSouth Koreas Daesan port, indicating the Asian country will probably continue to import oil from the Islamic nation after stopping in August and September.

The Motion, a very large crude carrier that can carry 2 million barrels, left the Persian Gulf port of Kharg Island yesterday and is signaling for Daesan on South Koreas west coast, according to transmissions captured byIHS Inc. (IHS)on Bloomberg. National Iranian Tanker Co. owns the vessel. Hyundai Oilbank Co. operates a 395,000 barrel-a-dayrefineryin Daesan.

South Korea halted crude purchases fromIranfor two months after its refiners lost insurance coverage on ships because of sanctions over the Islamic republics nuclear program. Iran responded by using state-owned tankers to carry cargoes. SK Innovation Co. took delivery of an oil shipment on Oct. 2 in Ulsan, Yoo Jung Min, a spokesman at South Koreas largest refiner, said last month.

The Marigold, previously known as the Brawny, discharged a separate cargo in South Korea around Oct. 28, ship transmissions show. The VLCC took about 24 days to sail from Kharg Island to Daesan.

South Korea imports almost all its crude requirements.

 

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