US, South Korea Discuss Iran Oil Issues
Atop US official discussed this week South Korea’s crude oil imports from Iran and urged Seoul to accelerate its oil supply diversification, S&P Global Platts reported on Thursday, quoting a diplomatic source.
US assistant secretary of state for energy resources Francis Fannon is on a tour in Asia this week and is visiting Seoul and Tokyo between February 19 and 26.
Fannon is meeting with government officials and private sector representatives “to discuss energy security and regional cooperation on energy issues,” the US Department of State said, noting that the official will also highlight the importance of energy diversification in the Indo-Pacific Region.
Both South Korea and Japan were among the eight Iranian customers who received waivers from the US to continue importing Iranian oil at reduced volumes until early May 2019.
South Korea’s deputy minister for economic affairs of the ministry of foreign affairs, Yun Kang-hyeon, met with Fannon on Wednesday and discussed ways to increase cooperation in the energy sector.
Yun and Fannon “talked about the Iranian crude issue and South Korea’s efforts toward diversification of sources of crude imports,” Platts’ source in Seoul said, without elaborating on details.
According to Takayuki Nogami, chief economist at Japan Oil, Gas and Metals National, Fannon’s visit seems to be aimed at urging supply diversification and boosting energy security, including by Japan and South Korea increasing their US crude oil imports, which may lead to reduced Iranian oil imports in the region.
Iran’s key Asian customers—Japan, South Korea, India, and China—are all buying Iranian crude once again, but at much lower rates than they did before November when US sanctions kicked in, S&P Global Platts estimates showed at the end of January.
source: Financial Tribune
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
