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South Korea’s Jan crude imports from Iran plunge 66% on year to 64,419 b/d

South Korea’s imports of Iranian crude oil in January plunged 66.1% to 1.997 million barrels, or 64,419 b/d, compared with 5.896 million barrels a year earlier, data released Monday by state-run Korea National Oil Corp. showed. The January volume also fell 50.5% from 4.036 million barrels of Iranian crude imported in December, the data showed. For all of 2013, South Korea imported 48.21 million barrels of Iranian crude, down 14.1% from 2012. The US in November extended a six-month waiver from Iran sanctions to nine countries including South Korea, as the countries were deemed to have made significant reductions in the purchases in the previous six months. The waiver extension came after the US and five other global powers agreed in Geneva in November to a six-month pause in efforts to further reduce Iran’s crude sales in return for concessions on Iran’s nuclear program. […]

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Seoul gives green light to two nuclear reactors

The South Korean government has granted final approval to build two nuclear reactors at the Shin Kori Nuclear Power Plant in Ulsan, about 255 miles southeast of Seoul. Construction on the $7.09 billion project is scheduled for September, with completion slated for December 2020, Yonhap News Agency reported Wednesday. Each reactor will have a generation capacity of 1.4 million kilowatts. Yonhap reported Reactor Unit 5 at the Hanul Nuclear Power Plant came to an automatic halt Wednesday morning after a warning signal was activated at the facility, 205 miles southeast of Seoul. "The reactor currently remains stable," Yonhap quoted a Korea Hydro & Nuclear Power Co. official as saying. The official, whose name was not reported, said an investigation was in progress and may take up to two days. It is the second time since July operations at Hanul’s No. 5 reactor have had […]

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South Korea's Dec crude imports from Iran slump 29% on year

South Korea’s imports of Iranian crude oil in December slumped 29.4% to 4.036 million barrels, or 130,194 b/d, compared with 5.724 million barrels a year earlier, data released Wednesday by state-run Korea National Oil Corp showed. But the December volume was up 4.7% from imports of 3.853 million barrels in November, the data showed. For the whole of 2013, South Korea imported 48.21 million barrels of Iranian crude, down 14.1% from the 56.15 million barrels it purchased in the previous year. The US said Monday it had taken the necessary steps to pause efforts to further reduce Iranian crude oil exports by allowing the six current customers of Iranian oil to maintain their purchases at current levels for the duration of the Geneva agreement between Iran and world powers that came into effect Monday. Article continues below… Request a free trial of: Oilgram News […]

Posted On : Published By : Tom Whipple
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South Korea’s Dec crude imports from Iran slump 29% on year

South Korea’s imports of Iranian crude oil in December slumped 29.4% to 4.036 million barrels, or 130,194 b/d, compared with 5.724 million barrels a year earlier, data released Wednesday by state-run Korea National Oil Corp showed. But the December volume was up 4.7% from imports of 3.853 million barrels in November, the data showed. For the whole of 2013, South Korea imported 48.21 million barrels of Iranian crude, down 14.1% from the 56.15 million barrels it purchased in the previous year. The US said Monday it had taken the necessary steps to pause efforts to further reduce Iranian crude oil exports by allowing the six current customers of Iranian oil to maintain their purchases at current levels for the duration of the Geneva agreement between Iran and world powers that came into effect Monday. Article continues below… Request a free trial of: Oilgram News […]

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South Korea's long-term gas demand to rise 1.7% annually; oil consumption to fall: ministry

South Korea’s natural gas demand is forecast to grow 1.7% annually on average to 35.3 million mt of oil equivalent in 2035, compared with 23.7 million mtoe in 2011, the country’s Ministry of Trade, Industry and Energy said in a report released Tuesday. But the country’s oil demand is expected to shrink 0.11% annually to 99.3 million mtoe in 2035, compared with 102.0 million mtoe in 2011, according to a draft version of the ministry’s Energy Basic Plan. The country’s electricity consumption, meanwhile, is forecast to nearly double to 70.2 million mtoe in 2035, from 39.1 million mtoe in 2011, the report said, noting that the government will seek further power price hikes to curb growing demand. The country’s demand for coal for power generation is expected to increase 0.6% annually to reach 38.6 million mtoe in 2035, compared with 33.5 million mtoe in […]

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South Korea’s long-term gas demand to rise 1.7% annually; oil consumption to fall: ministry

South Korea’s natural gas demand is forecast to grow 1.7% annually on average to 35.3 million mt of oil equivalent in 2035, compared with 23.7 million mtoe in 2011, the country’s Ministry of Trade, Industry and Energy said in a report released Tuesday. But the country’s oil demand is expected to shrink 0.11% annually to 99.3 million mtoe in 2035, compared with 102.0 million mtoe in 2011, according to a draft version of the ministry’s Energy Basic Plan. The country’s electricity consumption, meanwhile, is forecast to nearly double to 70.2 million mtoe in 2035, from 39.1 million mtoe in 2011, the report said, noting that the government will seek further power price hikes to curb growing demand. The country’s demand for coal for power generation is expected to increase 0.6% annually to reach 38.6 million mtoe in 2035, compared with 33.5 million mtoe in […]

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Iraq Signs $690M Barrier Contract With S.Korea’s Daewoo

raq said on Tuesday it had signed a 511 million euro ($690 million) contract with South Korea’s Daewoo to build a sea barrier at its planned Grand Faw port in the south of the country. Under the contract, Daewoo will build the barrier, known as a “breakwater” within 30 months, Iraq’s Transport Ministry said in a statement on its website. It said Daewoo was one of four companies which had bid for the contract to build the barrier at Grand Faw, which is located in Basra, Iraq’s southern oil hub. Grand Faw is one of several projects which Iraqi authorities hope will create a transportation corridor between the Middle East and Europe that will bypass the Suez Canal. ($1 = 0.7404 euros) (Reporting by Raheem Salman; Editing by Louise Heavens)

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Iraq Signs $690M Barrier Contract With S.Korea's Daewoo

raq said on Tuesday it had signed a 511 million euro ($690 million) contract with South Korea’s Daewoo to build a sea barrier at its planned Grand Faw port in the south of the country. Under the contract, Daewoo will build the barrier, known as a “breakwater” within 30 months, Iraq’s Transport Ministry said in a statement on its website. It said Daewoo was one of four companies which had bid for the contract to build the barrier at Grand Faw, which is located in Basra, Iraq’s southern oil hub. Grand Faw is one of several projects which Iraqi authorities hope will create a transportation corridor between the Middle East and Europe that will bypass the Suez Canal. ($1 = 0.7404 euros) (Reporting by Raheem Salman; Editing by Louise Heavens)

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South Korea’s Oct crude imports from Iran slump 47% on year to 98,097 b/d

South Korea’s imports of Iranian crude oil in October slumped 47.4% to 3.04 million barrels, or 98,097 b/d, compared with 5.78 million barrels a year earlier, data released Friday by state-run Korea National Oil Corp. showed. Compared with September’s imports of 4.12 million barrels, South Korea’s imports in October were 26.2% lower. In the first ten months, the country imported 40.33 million barrels of Iranian crude oil, down 9.5% from 44.55 million barrels in the same period last year. The country did not import any crude oil from Iran in August and September last year in line with US-led sanctions on Iran, but imported 1.97 million in August and 4.12 million barrels in September this year. South Korea was granted an exemption from US financial sanctions since last year allowing it to keep buying Iranian crude oil as long as it showed an […]

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South Korea's Oct crude imports from Iran slump 47% on year to 98,097 b/d

South Korea’s imports of Iranian crude oil in October slumped 47.4% to 3.04 million barrels, or 98,097 b/d, compared with 5.78 million barrels a year earlier, data released Friday by state-run Korea National Oil Corp. showed. Compared with September’s imports of 4.12 million barrels, South Korea’s imports in October were 26.2% lower. In the first ten months, the country imported 40.33 million barrels of Iranian crude oil, down 9.5% from 44.55 million barrels in the same period last year. The country did not import any crude oil from Iran in August and September last year in line with US-led sanctions on Iran, but imported 1.97 million in August and 4.12 million barrels in September this year. South Korea was granted an exemption from US financial sanctions since last year allowing it to keep buying Iranian crude oil as long as it showed an […]

Posted On : Published By : Tom Whipple