Korea's Import of Iranian Oil Likely to Resume in Sept.
Korea may resume importing crude oil from Iran as early as next month.
Due to Tehran's suspected nuclear program, the European Union issued an embargo July 1st on insuring vessels carrying Iranian oil.
As vessels need liability insurance to trade, the EU ban halted Korea's imports of Iranian crude.
However, Korea's Yonhap News Agency reported Wednesday that Iran has proposed Korean oil refineries use Iranian oil tankers for inbound shipments which would make it possible for the two countries to start trading again.
Under the agreement, the first inbound shipment of Iranian oil may arrive in Korea as early as mid-September but sources say the import volume would be less than what it was before the EU sanctions went into effect.
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