13 Jul 2024
Monday 15 April 2013 - 18:30
Story Code : 24795

South Korea resumes Iran NGL imports after eight-month break

South Korea resumes Iran NGL imports after eight-month break
[caption id="attachment_24796" align="alignright" width="300"] File photo shows installations of an Iranian NGL plant.[/caption]
South Korea imported 72,750 tons of NGL from Iran in March, Reuters reported on Monday citing customs data.
The resumption of imports comes after a Franco-Korean petrochemical company revived in January a contract to resume buying Iranian oil in defiance of Western sanctions against the Islamic Republic.

Samsung Total Petrochemicals Company needs condensate to feed its plant in the port city of Daesan.

Samsung Total -- a joint venture between South Koreas Samsung Group and Frances energy giant Total -- experienced a sharp 90% fall in operating costs in the second quarter of 2012 after it stopped importing Iranian oil due to sanctions.

Mondays data also showed that Iran shipped 132,000 barrels per day of oil to South Korea, the worlds fifth largest oil importer, in March.

At the beginning of the 2012, the United States and the European Union imposed new sanctions on Irans oil and financial sectors.

On October 15, 2012, EU foreign ministers agreed on another round of sanctions against Iran.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegations, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

In addition, the IAEA has conducted numerous inspections of Iran's nuclear facilities but has never found any evidence showing that Iran's civilian nuclear program has been diverted to nuclear weapons production.

By Press TV
The Iran Project is not responsible for the content of quoted articles.
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