Touching upon the latest status of Iranian oil selling to South Korea, Director for International Affairs at National Iranian Oil Company (NIOC) Seyyed Mohsen Ghamsari said “given the removal of international sanctions, the volume of crude exports to the Asian country has experienced a remarkable augmentation.”
The official pointed to the inking of oil and condensate sale accords with two large Korean firms asserting “so far, contracts have been sealed with South Korea’s Hyundai Oilbank as well as SK Innovation Corporation.”
“For the first time ever, the volume of Iran’s oil exports to the Asian country climbed to about 400 thousand barrels per day in mid-May; “the figure indicates a record high for selling crude oil to South Korea in the post-sanction era.”
Ghamsari went on to stress that “despite resumption of oil sales and exports to European countries like Russia’s Lukoil, France’s Total and Saras S.p.A. of Italy, Asia still remains the largest market for the Iranian crude.”
Meanwhile, the NIOC official estimated that exports volume of Iran’s crude oil will hit a total of 600 thousand barrels per day in the summer.
The total amount of oil and gas condensate exports to South Korea reached 30 million barrels in the timespan between January and April indicating a 113.5 percent growth as compared with the same period a year before.
Accordingly, South Korea’s Hyundai Oilbank as well as SK Innovation Corporation escalated oil imports from Iran in April following Hanwha Total Petrochemicals Co.
HA/3677320