0402 GMT March 26, 2019
In November, South Korea won a six-month waiver from sanctions imposed by the United States allowing the purchase of a limited amount of Iranian oil, but the country has not imported any crude from the country since September.
“As South Korea received a waiver and has been in talks with Iran about the first import volume, it seems (Iran oil) could be brought in late in January or early February at the earliest,” SK Innovation Chief Executive Officer and President Kim Jun told Reuters on the sidelines of the Consumer Electronics Show (CES) in Las Vegas.
South Korean and Japanese buyers were expected to restart Iranian oil imports early this year, industry sources said in November. South Korea can buy up to 200,000 barrels per day of Iran oil, mostly condensate, an ultra-light form of crude oil under the waiver, the sources said.
South Korea was the third-biggest buyer of Iranian oil and the largest importer of Iranian condensate before the US sanctions were reinstated in November.