Publishe Date: 1:55 PM - 8/17/2013 | Print

South Korea's Iran oil imports up 38% in July

Economy - A recent report shows that South Korea’s crude oil imports from Iran increased in July 2013 compared to a year earlier despite the US-led sanctions imposed on the Islamic Republic's oil and financial sectors.

South Korea imported 815,447 tons of Iranian crude oil last month, registering a 38-percent rise in comparison with the corresponding period last year, Reuters reported on Thursday.

The amount also marked a 44-percent climb from June. That means South Korea imported 165,933 barrels per day (bpd) of crude oil from Iran between June and July.

South Korean refiners SK Energy and Hyundai Oilbank are the only two companies in the country that import Iranian crude.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegations, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

In addition, the IAEA has conducted numerous inspections of Iran's nuclear facilities but has never found any evidence showing that Iran's civilian nuclear program has been diverted to nuclear weapons production.

 

Tags: oil -
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