By Saturday 1/18/2014South Koreas Iran oil imports up 5 percent in DecemberA recent report shows that South Korea's crude oil imports from the Islamic Republic of Iran increased in December 2013 compared to the previous month.
TEHRAN Jan. 18 (NIOC) _ According to Reuters, South Korea imported 557,836 tons of Iranian crude oil last month, equivalent to 131,901 barrels per day. The figure marked a nearly 5 percent climb from November.
The report further noted that South Korea's crude imports from Iran are likely to stay near current levels for the next six months as the interim deal clinched last November between Iran and six major world powers in Geneva over Tehran's nuclear energy program is implemented.
South Korean refiners SK Energy and Hyundai Oilbank are the only two companies in the country that import Iranian crude.
On Sunday, Iran and the five permanent members of the UN Security Council - Russia, China, France, Britain, and the US - plus Germany finalized an agreement on ways to implement the Geneva nuclear deal, which the two sides struck in the Swiss city of Geneva on November 24, 2013, from January 20.
Iran's Deputy Foreign Minister for Legal and International Affairs Seyyed Abbas Araqchi said once Iran begins to implement the Geneva deal, the sextet of world powers will begin to ease sanctions on Tehran.
He added that the other side will release 4.2 billion dollars in Iranian frozen assets in eight stages and Iran, in return, will oxidize its 20-percent-enriched uranium.
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