S Korea to Up Iran’s Ultra-Light Oil Imports in June: Report

South Korea is expected to increase its imports of ultra-light oil from Iran by more than 50 percent in June, a report said.

According to a report carried by Reuters on Friday, traders believe that the expected June shipments from Iran of at least six million barrels, or 200,000 barrels a day, would be a record level.

Two South Korean buyers, refiners SK Energy and Hanwha Total Petrochemical Co, are set to lift at least six million barrels of Iranian South Pars condensate in June, up from about 3-4 million barrels in April and May, two sources with knowledge of the matter said.

A Hanwha spokesman said the refiner planned to import about 2 million barrels of Iranian condensate in June, as it was cheaper than oil from Qatar and the company wanted to diversify its sources of supply.

SK Energy officials declined to comment.

The report added that Iranian condensate imports could witness a further rise, if Iran clinches a deal with Hyundai Chemical to supply the company’s new splitter.

Talks between the National Iranian Oil Company (NIOC) and Hyundai Chemical on a term supply deal are underway.

Iran’s crude exports are now close to pre-sanctions levels of around 2.5 million barrels per day.

The rise in exports comes after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA) and started implementing it on January 16.

The deal terminated all nuclear-related sanctions against Tehran after coming into force.

Source: Tasnim News