S. Korean firms to resume Iran gas condensates purchase

IRNA – Two major South Korean oil companies are to resume buying Iran gas condensates in February, South Korean media reported.

Hyundai Oilbank Co., a major South Korean refiner, plans to import 2 million barrels of Iranian condensate this month,’ Yonhap News Agency quoted an informed source as saying.

‘It would be Hyundai Oilbank’s first imports of ultralight crude since September, two months before the United States imposed the most biting sanctions ever on Iran, ‘Korean media added.

Meanwhile, Yonhap quoted an official in Total company as saying, ‘Hanwha Total Petrochemical Co., a 50-50 joint-venture between Hanwha General Chemical Co. and French energy giant Total, also plan to import condensate from Iran in February.’

US President Trump announced on May 8, 2018 the withdrawal from the JCPOA, which was condemned by other parties to the 2015 agreement and their emphasis to stay in the landmark international deal.

In November 2018, US granted exemptions to eight countries including South Korea to import Iran oil.