Nation resumes oil imports from Iran after 2-month break

Korea bought oil from Iran last month for the first time since July, when refiners lost insurance coverage on ships carrying the fuel because of international sanctions on the Persian Gulf nation.

Korea purchased 791,582 metric tons (872,570 tons) of Iranian crude, equivalent to 5.8 million barrels, down from 1.14 million tons a year earlier, according to data on the Customs Service’s Web site yesterday. There were no shipments in August or September.

Oil refiners globally reduced purchases from Iran this year amid Western sanctions aimed at pressuring the country to halt its nuclear program, which the U.S. and Israel say is aimed at developing atomic weapons.

An EU ban that started July 1 on insurance of vessels carrying Iranian crude stopped shipments to Korea as 95 percent of the world’s tankers are covered in the bloc. SK Innovation and Hyundai Oilbank resumed imports after Iran offered its own vessels.

Bloomberg