South Korea Impatient to Import Iran’s Crude Oil
TEHRAN (Tasnim) – A senior South Korean official said that his country is keen on increasing Iran’s oil imports following the conclusion of nuclear talks between Tehran and world powers and removal of anti-Iran sanctions, a report said Monday.
Woo Tae-hee, South Korea’s deputy minister for trade, said that Seoul is seeking to increase crude oil and condensate from Iran as soon as sanctions against Tehran are lifted, Reuters reported on Monday.
"Iranian crude has good quality, and its condensate is one we can utilize well," Woo said. "We will consider increasing imports of Iranian oil, which however will only be possible when the sanctions are lifted since they are still present."
According to the report, South Korea's Iranian oil imports fell 11 percent to 111,665 barrels per day in the first seven months of this year from the same period of last year.
Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.
The promising prospect of trade with Iran has prompted many countries to explore the market potential in the populous Middle East nation.
