SK Energy to stop Iran oil imports from July

SK Energy to stop Iran oil imports from July

According to Reuters reporters Meeyoung Cho and Ju-min Park, South Korea’s largest oil refiner SK Energy will stop Iranian crude imports after a European Union insurance ban takes effect on July 1, two sources said.

The sources declined to be identified because they were not authorized to speak to the media, but the decision effectively makes South Korea the first of Tehran’s major Asian oil buyers to halt purchases, the story says.

“South Korea has four oil refiners, but only two import Iranian crude oil. The sanctions are part of package pushed by Washington which says Iran is using its petrodollars to bankroll its nuclear weapons program,” they say.

“Iran exports most of its 2.2 million barrels of oil per day to Asia. The four main buyers are China, India, Japan and South Korea. South Korea’s government has shied away from making any official comments on the issue. The United States is its main guarantor of security against North Korea, which has a nuclear weapons program. However, the government in Seoul is believed to be taking actions to limit exports to Iran, fearing that funds held in accounts here from the sales of Iranian crude could dry up.”

Via Yahoo News

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