Iran South Korea

South Korean officials to press for Iran sanctions waiver in United States

Seoul obtained last November a 180-day exemption from US sanctions on buying Iranian energy. The Asian country has been trying to convince the US authoities that Iranian condensates are the best feed stock for its refineries.

Energy

Asia’s crude oil imports from Iran to redouble in February

Unilateral US sanctions on Iran have targeted Iranian oil sales that have caused some dips in the country’s crude purchase. But with countries such as Japan and South Korea restarting importing Iranian crude, the purchase is set to rebound in this month.

Energy

South Korea restarts Iranian oil imports before waiver window shuts down

The world’s fifth-largest crude importer won a six-month waiver in November from U.S. sanctions on Tehran’s oil exports, but did not immediately start imports, mainly due to payment and insurance issues.

Energy

Iran says oil money coming back from India, China, South Korea

Tehran has been able to establish financial channels with regional countries to pay its exports in their national currencies in a bid to unblock the flow of export money to the country.

Financial Markets

Daewoo wins deal to build shipyard for Iran

South Korea’s Daewoo Shipbuilding and Marine Engineering Company (DSME) – the world’s second biggest shipbuilding companies – has announced a major deal to develop an construction yard in Iran.

Transportation

Iran, Hyundai to sign deal over purchase of 10 ships

The Islamic Republic of Iran Shipping Lines (IRISL) and South Korea’s Hyundai Heavy Industries Co. are expected to sign a major contract whereby Iran will buy ten ships from the major South Korean shipbuilding company.

Transportation