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Korea resuming Iran oil imports

Korea resuming Iran oil imports
Seoul: Korea is apparently continuing to meet its oil import needs with Iranian crude, with shipping data showing the National Iranian TankerCompany (NITC) VLCC Motion sailing for South Korea’s Daesan port.

The Motion left Iran's main export terminal of Kharg Island and has indicated it is bound for Daesan, where Hyundai Oilbank Co has a
395,000 bpd refinery.

South Korea halted crude purchases from Iran for two months in August and September after its refiners lost insurance coverage on ships
because of sanctions against Iran. It appears that shipments using NITC tankers have resumed during October and continuing on into
November.

TAGS: Sanctions