U.S, Japan, EU take on more South Korean oil

Dec. 2, 2013 at 6:39 AM   |   0 comments

SEOUL, Dec. 2 (UPI) -- South Korea exported more refined oil products to the United States, Japan and Europe, offsetting lower demand from Asia, the Trade Ministry said.

The South Korean Ministry of Trade, Industry and Energy exported $5.15 billion worth of oil products last month, up 6.1 percent year-on-year, the Platts news service reported Sunday.

"The increased exports were attributable to more shipments to advanced nations, such as Japan, the U.S. and the EU, which offset less demand from China and [Association of Southeast Asian Nations] and lower prices of products," an industry statement published by Platts said.

For imports, South Korea imported $2.3 billion worth of oil products in November, down 7.2 percent from the same time last year.

Platts provided no explanation for the variances in exports and imports.

In a separate statement, the South Korean government said Friday it received a waiver from the U.S. government for sanctions targeting the Iranian energy sector.

Governments can get a sanctions waiver if they've cut their imports of Iranian crude oil by a "significant" amount.

"The latest exception for [South Korea] marks its fourth, following its first granted on June 11, 2012, the second on Dec. 7, 2012, and the third on June 5, 2013," the ministry said.

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