Monday, May 20, 2019
Text Size

Site Search powered by Ajax

South Korea gets US exemption on Iran crude oil imports

South Korean official says waiver granted on oil imports and financial transactions with Iran's sanctioned central bank.

South Korea has been granted a waiver from US sanctions on Iranian oil, a government official said on Monday.

South Korea, one of Asia's biggest buyers of Iranian oil, last week asked the US for "maximum flexibility" after some of its construction firms cancelled energy-related contracts in the Islamic Republic because of financing difficulties.

The United States said on Friday it would temporarily allow eight importers to keep buying Iranian oil after it reimposed sanctions on the country's crude flows from Monday, aiming to force Iran to curb its nuclear missile and regional activities.

Under US law, exceptions can be granted for up to 180 days.

"Petrochemicals are key to our economy, and we stressed that if we're hit by the Iran sanctions, it would pose grave challenges to our whole economy," the official said, requesting anonymity due to the sensitivity of the issue.

Iran's biggest oil customers - all in Asia - have been seeking waivers to sanctions to allow them to continue buying some of the Islamic Republic's oil.


South Korea, the world's fifth-biggest buyer of crude oil, mainly purchases an ultra-light form from Iran known as condensate.

Seoul also won an exemption from the US to continue financial transactions with the sanctioned Iranian central bank to facilitate oil imports, the official said.

In 2012, South Korea received a waiver on US sanctions by importing limited amounts of Iranian oil during the previous round of sanctions that were lifted in early 2016.

South Korean buyers have reduced their purchases of Iranian oil and found alternatives such as American and African crude in recent months due to expensive Middle East grades and uncertainty over trade with Iran.

In September, South Korea's imports of Iranian oil fell to zero for the first time since 2012.

blog comments powered by Disqus

Subscribe via RSS or Email:

Amazon HQ2 'to be split over New Yo...

Read More

Saudi to cut oil exports by 500,000...

Read More

European Union extends sanctions on...

Read More

What is SWIFT and why it matters in...

Read More

Bin Salman launches Saudi Arabia's ...

Read More

China's Xi pledges to lower tariffs...

Read More

Most Read Articles

Most Read News


Thanks to all of our supporters for your generosity and your encouragement of an independent press!

Enter Amount:



Login reminder Forgot login?

Subscribe to MWC News Alert

Email Address

Subscribe in a reader Facebok page Twitter page

Israel pounds Gaza

India's Kerala state devastated

Capturing life under apartheid