South Korea buys Iranian oil first time in months

By Ahmet Dursun

ISTANBUL (AA) - South Korea has imported Iranian oil for the first time in six months amid U.S. sanctions on Iran, a Korean business web portal said on Wednesday.

"Iranian crude oil export to South Korea has resumed six months after U.S. economic sanctions," said Business Korea.

It is said that one million barrels of Iranian crude oil imported by SK Incheon Petrochem and SK Energy arrived at the Port of Incheon in South Korea on Jan. 19.

Another one million barrels are expected to arrive on Jan. 31.

It is stated that other South Korean companies Hyundai Oilbank and Hanwha Total are planning to import Iranian oil in February.

The story claimed Iranian crude oil is cheaper and superior in quality than one from the Middle East.

Having bought 194,000 barrels of oil from Iran in July, South Korea cancelled oil shipments in August amid U.S. sanctions on Iran.

In August, the U.S. imposed the first round of economic sanctions on Iran, which mainly targeted the country’s banking sector.

Activating oil sanctions on Iran in November, Washington granted eight countries -- including South Korea -- an exemption for six months.