S. Korea firms in talks to resume Iran oil imports

South Korean oil refiners are in talks with Iran to resume oil imports, officials said Thursday, potentially by using Iranian tankers as a way to circumvent European Union sanctions.

Talks are currently underway with Tehran, officials of Hyundai Oilbank, SK Energy and Seoul's knowledge economy ministry said.

Imports stopped entirely in July when an EU oil embargo on Iran over its nuclear programme took effect, banning European firms from insuring Iranian oil shipments.

South Korea had relied entirely on European firms for such coverage but a Hyundai Oilbank spokeswoman told AFP: "We are still hammering out details before finalising the deal... in a way to let Iran to take responsibility for oil tanker insurance."

A spokesman for SK Energy, the other South Korean refiner which previously bought Iranian oil, confirmed the ongoing talks but refused to elaborate.

The South bought 9.4 percent of its crude oil from Iran last year. It had been sharply reducing purchases this year in return for a waiver from separate US sanctions on Tehran.

An official of the knowledge economy ministry also said Seoul refiners were discussing with Tehran ways to resume imports, including letting the Middle Eastern nation provide tankers or cover insurance for shipments.

"No firm date has been set when exactly it (oil imports) will resume though... companies need time to hammer out details of contracts," he told AFP on condition of anonymity.

South Korea is a close ally of the United States, which stations 28,500 troops in the country to deter any North Korean attack.

But Iran is the South's third-largest trade market in the Middle East. Tehran warned in June it would reconsider ties with Seoul if it stopped importing oil from Iran.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • China breaks ground on lighthouse project in South China Sea

    China hosted a groundbreaking ceremony for the building of two lighthouses in the disputed South China Sea, state media said on Tuesday, a move that is likely to escalate tensions in a region already jittery about Beijing's maritime ambitions. China's Ministry of Transport hosted the ceremony for the construction of two multi-functional lighthouses on Huayang Reef and Chigua Reef on the disputed Spratly islands, state news agency Xinhua said, defying calls from the United States and the …

  • SE Asia Stocks - Thai, Philippine indexes weak after trade data

    BANGKOK, May 26 (Reuters) - Most Southeast Asian stock markets rose in line with the rest of Asia on Tuesday but the Thai index pared early gains after weak trade data in April, while the Philippine benchmark ... …

  • Is your home on top of a faultline?
    Is your home on top of a faultline?

    The Philippine Institute of Volcanoly and Seismology (PHIVOLCS) recently issued an updated and high-resolution "atlas" of the East Valley Fault and West Valley Fault, two major faultlines that run through sections of Metro Manila. Metro Manila may be due for a 7.2-magnitude earthquake within this lifetime, say experts from the institute, among them PHIVOLCS director Dr. Renato Solidum, Jr. According to records, the last major earthquake caused by the West Valley Fault took place 357 years …

  • Filipina maid photographs "modern slavery" in Hong Kong

    By Emma Batha LONDON (Thomson Reuters Foundation) - A Filipina maid in Hong Kong has published stark photographs of burned and beaten domestic workers to highlight the "modern slavery" she says has long been the city's shameful secret. "Hong Kong is a very modern, successful city but people treat their helpers like slaves," said Xyza Cruz Bacani, whose black and white portraits won her a scholarship from the Magnum Foundation to start studying at New York University this month. It's common …

  • Want to buy a brand new car?
    Want to buy a brand new car?

    Tired of fixing your old car? Maybe, this is the best time for you to invest a brand new car. BPI Family Savings Bank, the country’s leading consumer bank, is extending its newest campaign “Bagong Kotse, 1-Month Libre” promo until June 30, 2015 which allows potential car buyers to avail of a car loan term up […] The post Want to buy a brand new car? appeared first on Carmudi Philippines. …

  • ‘Kentex owners still in Phl’
    ‘Kentex owners still in Phl’

    The daughter of one of the Kentex Manufacturing Corp. owners has assured the government that the businessmen are still in the Philippines, contrary to some reports that they have fled the country. Barbara Ang, daughter of Kentex shareholder Veato Ang, said her father and his business partners have no plans of leaving the country despite the razing of the Valenzuela slipper factory, which killed 72 workers on May 13. Valenzuela Mayor Rex Gatchalian also stood by his promise to punish any local …

  • Lawmakers to review building code provisions
    Lawmakers to review building code provisions

    Lawmakers are set to review provisions of the National Building Code and Republic Act 10121, or the Philippine Disaster Risk Reduction and Management Act, to strengthen contingencies and policies to prepare the country for possible major earthquakes. The move came following proposals from Reps. Winston Castelo of Quezon City and Lito Atienza of the Buhay party-list to review the two laws and other regulations during a hearing of the House committee on Metro Manila development on the …

  • Noy: Phl may attain first world status with continued reforms
    Noy: Phl may attain first world status with continued reforms

    The Philippines’ attaining first world status may soon be imminent if significant reforms initiated by the current administration would be consistently pursued, President Aquino suggested yesterday. “Kung madidiligan ang ating mga pinunla, at makaka-graduate ang mga pinag-aaral natin upang makapasok sa maaayos na trabaho, baka po tuluyan nang nasa first world status tayo sa panahong iyon (If we water the seeds sown and those we sent to school will find better jobs, then time will come that …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options