Tag Archives: South Korea

The world’s fifth-biggest crude importer shipped in 1.83 million tonnes of crude oil from Iran in September.

The country is aiming to raise oil output to around 4 million bpd by the end of the year and 4.5 million bpd within five years from around 3.8 million bpd in recent months.

South Korea. one of Iran'.s major Asian clients. mainly purchases an ultra-light oil. also known as condensate. from Iran.

CNOOC. according to its website. is looking for foreign partners to explore and develop 22 blocks this year.

In July. Petronas scrapped a proposed C$36 billion ($29 billion) liquefied natural gas project in western Canada due to weak prices. in a blow to its global ambition.

In July. Iran exported 2.2 million bpd of oil to Asian and European markets. with its exports to Asia up by 100.000 bpd.

Asian companies have actively sought downstream projects in Iran'.s emerging petroleum industry after the easing of international sanctions in January of last year.

Bangladesh plands a third LNG-import venture on Moheshkhali. at Matabari. Power Cell is offering a 60% stake in this land-based. 3.5 mta project.

The KNOC data is considered the industry standard for South Korea'.s oil imports.

The establishment of joint venture is a follow-up of a MOU for new business opportunities collaboration signed in November 2015 with Saudi Aramco.