Friday, 20 Apr 2018
Business

A South Korean company plans to buy more light crude instead of Iran’s capacitors

SEOUL (Reuters) – South Korea’s SK Incheon Petrochem said on Tuesday it would continue to boost its purchases of light crude oil to replace Iranian capacitors due to rising oil prices. SK Incheon Petrochem, wholly owned by SK Innovation, said in a statement it would buy a total of three million barrels of light crude for arrival in April as an alternative to Iran’s capacitors. The company said in its statement that it had cut its monthly imports of Iranian condensates by about half since the last quarter of last year to 1.1 million barrels and imports of light crude oil from sources such as Russia, Kazakhstan and Nigeria. “We will increase our imports of light crude at the moment in light of the high prices of Iranian oil.” Iran raised the official sale price of Iranian light crude for May to Asian buyers to $ 1.30 a barrel above the average price of Oman and Dubai crude, more than 10 cents from April. South Korea’s imports of Iranian condensates in the first three months of this year dropped nearly 40 percent to 3.45 million tonnes, or 280,736 barrels per day, compared to the same period a year earlier, according to data from the country’s customs administration. Prepared by Abdel Moneim Darrar for the Arabic publication – edited by Ahmed Elhamy

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