A South Korean oil buyer is set to receive about 2 million barrels of Iranian condensate in January, a source familiar with the matter said on Monday.
The cargo marks the first Iranian oil import by South Korea in four months after the world’s fifth-largest oil buyer halted imports before the U.S. reimposed sanctions on Iran in November.
The first cargo of about 960,000 barrels of condensate, a type of light crude oil typically produced in association with natural gas, is expected to arrive this week at the port of Incheon, said the source, who declined to be named due to sensitivity of the matter.
A second cargo of 990,000 barrels will arrive later this month, the source said.
In November, South Korea won a temporary waiver from the United States to purchase a limited amount of Iranian oil. The U.S. reimposed sanctions on Iran’s oil sector in November to pressure the country to end its nuclear program and to curtail its support for Syria and militants in Yemen.