S Korea Denies Reports of Suspending Iran’s Oil Loading

TEHRAN (Tasnim) – The South Korean embassy in Tehran rejected media reports that Seoul has halted all shipments of Iranian crude and condensate in July amid US pressure to cut all imports of Iranian oil from November.

S Korea Denies Reports of Suspending Iran’s Oil Loading

“The South Korean embassy in Tehran rejects all claims that (Seoul’s) loading of Iranian oil and condensate in July has been suspended. We are in talks to seek an exemption from US curbs on buying Iranian oil,” the embassy said in a tweet on Saturday. 

It came after media reports said South Korea had canceled July loadings of crude and condensate cargoes from Iran as it was uncertain whether the country would receive an exemption from US sanctions on Iran trade.

The United States in May said it was walking away from the 2015 nuclear deal between Tehran and world powers. In late June, it demanded its allies halt all imports of Iranian oil from November and said exemptions were unlikely.

South Korean refiners have since curtailed their Iranian oil purchases and turned to alternative sources such as American and African crude due to expensive Middle East grades and uncertainty over trade with Iran.

South Korean buyers of Iranian crude and condensate are SK Energy and SK Incheon Petrochemical, owned by SK Innovation, Hyundai Oilbank Corp and Hanwha Total Petrochemical Co.

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