South Korea likely to continue buying gas condensates from Iran

Business Materials 15 April 2019 16:48 (UTC +04:00)

Baku, Azerbaijan, April 15

By Elnur Baghishov – Trend:

It is very likely that the exemption period for the US sanctions may be prolonged for South Korea's purchase of gas condensates from Iran, Hossein Tanhaei, head of the Iran-South Korea Chamber of Commerce, told Tasnim News Agency, Trend reports.

On the other hand, the likelihood of the exemption period for South Korea's purchase of oil from Iran being extended is very low, according to Tanhaei.

He added that, as a result of the US sanctions, the trade turnover between Iran and South Korea has dropped by 70 percent.

He said that the trade turnover with household goods companies dropped by 25 percent.

The US imposed sanctions on Iran in November 2018. The US set an exemption period until May 5 for the purchase of oil and gas condensates from Iran for 8 countries - China, India, South Korea, Taiwan, Japan, Greece, Italy and Turkey.