SEOUL: South Korea imported natural gas liquids from Iran for the second straight month in April, customs data showed yesterday, though a source with direct knowledge of the matter said it was part of a delayed shipment from an earlier contract.
Imports into South Korea of Iranian natural gas liquids, a light feedstock processed for petrochemical production, were halted last July because of EU sanctions restricting insurance on tankers carrying Iranian oil, but South Korea’s Samsung Total Petrochemicals (STC) concluded a spot deal earlier this year lured by cheap fuel.
“Some of the March shipment was delayed to be imported partly in April,” said the source, who declined to be identified.
The source, who was not authorised to speak to the media on the issue, said there would be no imports of natural gas liquids in May. South Korea, the world’s fifth-largest crude oil and second-largest liquefied natural gas (LNG) importer, purchased a total of 136,604 tonnes of natural gas liquids last month, with 77,254 tonnes coming from Iran, the customs data showed.
The shipment compared with 72,750 tonnes imported in March. There were no imports a year ago.
The resumption of Iranian imports of natural gas liquids had been expected after Samsung Total Petrochemicals in January revived a contract. The French half-owner of the joint venture, Total, later said it objected to the deal, and there was only one spot deal.
The company took the full Iranian volumes for the two months, the source said. A spokesman for Samsung Total Petrochemicals declined to comment.
After stopping imports due to problems finding ships because of European Union sanctions, last month two sources familiar with the situation said shipments of natural gas liquids to Seoul could have resumed using Iranian ships.
The US and the EU have imposed sanctions aimed at halting Iran’s nuclear programme, which the West suspects is being used to develop arms. Tehran says its programme is only for peaceful purposes. South Korea bought 464,963 tonnes of natural gas liquids last year. Reuters
