Bloomberg | Serene Cheong,Sharon Cho, andAnn Koh:Effects of the U.S. decision to renew sanctions on OPEC member Iran are already spreading beyond the world of crude to some corners of the oil market.
Refiners in South Korea, a U.S. ally as well as one of Irans largest customers, are shunning a type of oil known as condensate from the Islamic Republic to feed the nations petrochemical plants, and instead buying unusually large amounts of a processed fuel known as naphtha from elsewhere.SK Innovation Co., the Asian countrys top processor, Hanwha Total Petrochemical Co. and Hyundai Oilbank Co. have all rushed to procure supply for the next two months.