Korea Faces Halt of Oil Imports from Iran

      May 15, 2012 12:24

      Iranian oil exports to Korea could dry up in July because the EU has decided to halt all imports of Iranian crude oil and prohibit insurance coverage for transporting it starting on July 1. The EU aims to pressure Tehran into giving up its nuclear program.

      The Ministry of Knowledge Economy on Monday said uninsured tankers are not allowed to pass through any territorial waters. "Ceasing to offer insurance means it will become impossible to transport crude oil," a ministry spokesman said.

      European insurers have a monopoly on shipping insurance, so it will be extremely difficult to find replacements. The EU originally planned to cease insurance in March of this year but extended the deadline to July.

      Korea imported 87.18 million barrels of Iranian crude oil last year, accounting for a substantial 9.4 percent of all oil imports.

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