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The United States has reinstated energy and financial sanctions against Iran, but South Korea will be able to import Iranian oil for at least six months. US Secretary of State Condoleezza Rice will meet with US Treasury Secretary Stephen Moussaint on May 5 at 8:30 am (local time) to take note of the temporary sanctions taken at the United States. eight countries, including South Korea. The United States has reinstated sanctions against Iran twice since its withdrawal from the Joint Chiefs of Staff (JCPOA) in May. As a result, the agreement on Iranian oil, natural gas and petrochemicals has been blocked by the Iranian central bank and Iranian financial institutions designated as sanctions targets. If you break it, you will not be able to negotiate with US financial institutions.
Eight countries, including Korea, will first receive an exception to the 180-day sanctions. After 180 days, the exception may be extended at the discretion of the United States. "We have taken important steps to reduce crude oil imports and eliminate imports of Iranian oil," Pompei said Tuesday, expressing a temporary exemption for eight countries. According to the US Department of Defense, countries importing Iranian crude oil can benefit from an exemption from sanctions every six months to reduce their imports by more than six months. However, the government has decided not to disclose the exact amount of reductions due to the agreement between Korea and the United States.
A senior official at the Foreign Ministry said: "With this exception, a stable supply of condensate, which is essential for the national petrochemical industry, has become possible." It's something that the government has always asked the United States. Cheap Iranian condensates have played a role in domestic refining and petrochemicals.
This time, Korea also applied an exception to the Korean won settlement system used for Korea-Iran trade. The Iranian central bank opened a won account with IBK Industrial Bank and Woori Bank to settle the market price between the two countries. The government is confident that it can stop the flow of dollars to Iran by using the Won settlement system, saying the US aims to block funds that can be used by the US government. Iran. Instead of paying Iran directly in dollars or euros after buying Iranian crude oil, it is at the heart of the Korean won billing system, which consists of keeping it in the Korean won on the accounts of the Iranian Central Bank. , prepared by IBK and Woori Bank.
The domestic refining and petrochemical industry has again made a positive badessment. "The rise in oil prices should be partially lifted," said Kang Sang-bum, head of the Korea National Petroleum Association. The price was expected to exceed $ 100 a barrel this year, but the upward trend could slow or reverse in the near term. "Although suspended for some time, the possibility of resuming Iranian imports of large-scale oil is not great.At the announcement of US sanctions reinstated in May, Korean refiners have stopped importing Iranian oil and finding alternatives SK Innovation, which held 10% of crude oil imported before the announcement of the sanction, has transferred its Iranian light oil business to Qatar since September. Total also suspended imports of Iranian condensates and diversified its sources of revenue in Australia and Qatar.
Moon Hee-cheol and Kwon Yoo-jin reporter [email protected]
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