Statistics from the state-run Korea National Oil Corp. revealed on Tuesday that the East Asian country imported a total of 7.5 million barrels, or 250,000 barrels per day (bpd), of Iranian crude in April, compared with its term import agreement at 200,000 bpd this year, Reuters reported.
Data also showed that Seoul purchased 25.25 million barrels of crude from Iran during the January-April period this year. In March, the country imported 155,000 bpd of Iranian crude.
South Korean refiners SK Energy and Hyundai Oilbank inked annual deals to raise crude imports from Iran this year from around 190,000 bpd in 2011, government sources and company officials said.
On January 23, the European Union approved new sanctions on Iran's oil and financial sectors. The sanctions are meant to prevent EU member states from buying Iranian crude or doing business with its central bank. The sanctions will come into force as of July 1.
Additionally, the embargo banned European companies from transporting, purchasing or insuring crude and fuel originating in Iran and intended for anywhere in the world.
The US and the EU have imposed tough financial sanctions as well as oil embargoes against Iran since the beginning of 2012, claiming that the country's nuclear energy program includes a military component.
Tehran refutes such allegations, noting that frequent inspections by the International Atomic Energy Agency have never found any diversion in Iran's nuclear energy program toward military purposes.
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