27 Apr 2024
Tuesday 26 March 2019 - 10:27
Story Code : 343262

South Korean officials to press for Iran sanctions waiver in United States

Reuters - South Korean government officials are expected to press for extending a sanctions waiver on Irans petroleum exports that expires in May on a visit to Washington this week.

South Koreas Deputy Foreign Minister for Economic Affairs Yoon Kang-hyun and other leaders will meet with U.S. State Department officials on Wednesday and Thursday to discuss the waiver issued in November to keep buying Iranian oil in exchange for having reduced such purchases, the Seoul government said in a news release on Monday.

The Trump administration has unilaterally reimposed sanctions on Irans oil exports, the lifeblood of its economy, as it seeks to curb Tehrans nuclear and missile ambitions and its influence Syria and other countries in the Middle East.

Washington issued sanctions waivers for eight economies in November, including for South Korea, Irans fourth largest oil customer in Asia. But the administration has said it wants the exports to go to zero as quickly as possible.

The U.S. goal is to reduce the number of sanctions waivers and to cut Irans oil exports about 20 percent, to below 1 million barrels of oil per day from May, sources said this month.

The South Korean officials will meet with the State Departments top energy diplomat Francis Fannon on Thursday. On Wednesday they will meet with Brian Hook, the U.S. special representative for Iran, and David Peyman, the deputy assistant secretary of state for counter threat finance and sanctions.

A State Department official, who spoke on condition of anonymity, confirmed the meeting with Peyman. Officials did not immediately respond to requests for comment about the other meetings.

Peyman met with South Korean officials in Asia earlier this month. He offered to continue to closely consult on the extension of sanctions exemption and Korean companies technical issues regarding trade with Iran, a statement from Seouls foreign ministry said at the time.

South Korea is a large buyer of a light oil called condensates from Iran and has told a former U.S. official that there are few options for getting the same quality of condensate from other suppliers.

South Koreas oil imports from Iran fell 12.5 percent year-on-year in February, customs data showed this month.

Yonhap news agency quoted a South Korean official as saying that Seoul has had discussions since November with Washington on gaining an extended exception and that ending the purchases of condensates would affect its economy. No extension means no imports of Iranian condensate, an official told Yonhap.

Reporting by Timothy Gardner; Editing by Tom Brown and Grant McCool
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