EghtedafOnline: South Korea is seeking a sanctions waiver from the US to continue importing Iranian condensate, saying that it is hard to find alternative sources due to limited suppliers, a government official said on Friday.
According to S&P Global Platts, South Korea and the US held two rounds of consultations in June and July, and the two sides are likely to meet again for negotiations, according to an official at the US Ministry of Trade, Industry and Energy. "We will request the US to grant a sanctions waiver, stressing that South Korea's crude imports from Iran are mostly condensates," he said, noting that it is more difficult to find alternative condensate supply sources. "About 70% of Iranian crude brought into South Korea are condensate and more than half of South Korea's condensate imports are from Iran because of its lower prices." In the first seven months of this year, Iranian crude imports fell 36.5% year-on-year to 55.79 million barrels, according to preliminary data released by the Korea Customs Service on Thursday, Financial Tribune reported.