• 6 hours Getting out of oil .. now
  • 3 hours Too much or doable - $900 Billion Annual Investments Needed In Renewables By 2030
  • 9 hours Surprise! Aramco Scraps International Listing Plans
  • 5 hours U.S. Arrests Iranian Over Alleged $115 Million Sanctions Evasion Scheme Involving Venezuelan Housing Project
  • 13 hours EU Proposes Online Turnover Tax For Big Tech Firms
  • 19 mins Elon Musk’s $2.6 Billion Tesla Challenge
  • 3 hours U.S. Judge To Question Big Oil On Climate Change
  • 5 hours The Facebook/Cambridge Analytica Scandal
  • 11 hours "Rock star of science" - Stephen Hawking, Who unlocked The Secrets Of Space And Time, Dies at 76
  • 12 hours McDonald's Sets Greenhouse Gas Reduction Targets
  • 7 hours Bad seven days for Martin Shkreli
  • 14 hours Step forward or blackmail? DJT: Tariffs On Steel and Aluminum Will Only Come Off If New Fair NAFTA Agreement Is Signed.
  • 1 day 2020 - Electricity From Renewables Will Be Cheaper Than From Most Fossil Fuels?
  • 4 hours Goldman Sachs Expects Tesla to Miss Model 3 Targets Again
  • 6 hours Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 12 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

South Korea Joins Japan in Oil Payments to Iran

South Korea Joins Japan in Oil Payments to Iran

The government of South Korea is preparing to issue a payment to Iran for crude imports as limited relief from sanctions in line with a six-month deal over Iran’s nuclear program gets underway, making it the second country to so do after Japan, Reuters reports.

In December 2013, South Korean’s crude oil imports from Iran increased over the previous months, according to Reuters, and the Iranian central bank has up to $5.6 billion in South Korea, in two won-denominated accounts.

The news agency quoted an unnamed source as saying that South Korea’s payment to Iran would likely be made in early March, but no amount was indicated.

Related Article: Despite Setbacks South Korea Commits to Nuclear Power

South Korea reportedly imported 557,836 tons of Iranian crude oil last December—nearly 132,000 barrels per day—representing a 5% increase over November 2013.

Earlier this month, Japan became the first country to make a payment to Iran under the conditions of eased sanctions.

India and China also buy crude oil from Iran and have billions of dollars held in Iranian accounts pending transfer.

Under an agreement reached in November with six major powers, Iranian authorities will receive limited sanctions relief in exchange for steps to curb the country’s nuclear program.

Related Article: Japan Looks at Dozens of New Geothermal Power Plants

The interim agreement gives Iran access to $4.2 billion of its oil revenues frozen abroad if it carries out its part of the deal, while parties continue negotiations for a final agreement within a year. The next round of talks is set to begin on 18 February.

Last month, Iran and Russia launched talks about a potential $1.5 billion oil-for-goods swap that could boost Iranian oil exports.

OPEC said in its monthly market report the Iranian economy is already showing signs of a rebound. Unemployment fell modestly and trade in non-oil goods between Iran and more than 150 other countries accounted for $62.5 billion in the nine months from 21 March 2013, when the Iranian fiscal year began. During that same period, exports in petrochemical products accounted for more than $8.1 billion.

By Charles Kennedy of Oilprice.com

Back to homepage

Trending Discussions

Leave a comment
  • NCR IRAN on February 17 2014 said:
    The NCRI is comprised of 25 committees that act as shadow ministries. The committees are responsible for expert research and planning for future Iran. For more information visit http://www.ncr-iran.org/en ...

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News