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Samsung Total

Samsung Total

Industry: 
Energy
Country: 
South Korea
Sources: 

Samsung Total is a joint-venture between Samsung Group and Total SA.

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"Refiners in South Korea, the fourth biggest buyer of Iranian crude, need to make further cuts to offset new purchases of Iranian oil from Samsung Total Petrochemicals, the official said. The South Korean joint venture revived the contract with Iran after a year's hiatus, as thin margins in plastics make the cheap crude from Iran hard to resist." (Reuters, "US seeks to sanction firms disguising Iranian oil shipments," 1/31/2013)

 

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"Samsung Total Petrochemicals, a joint venture between South Korea's Samsung Group and French energy giant Total, bought Iranian condensate because thin profit margins in plastics production make inexpensive fuel from the Islamic Republic hard to resist, people familiar with the deal said last week... Samsung Total has declined to comment on the deal. But a spokesman for Total in Paris said the group has complied with all measures applicable to the group." (Reuters, "U.S. plays down purchase of Iran oil by company in South Korea," 1/28/2013)

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"South Korea would look for alternative supplies from Saudi Arabia, Qatar and the UAE if it could no longer import from Iran, a source at a buyer of Iranian LPG said. The same suppliers have helped to fill the gap on international markets left by the reduction in Iran's crude oil exports this year. Three South Korean firms - E1, SK Gas and Samsung Total - import propane and butane, sources said." (Reuters, "EU sanctions strangle Iranian LPG exports to Asia," 10/31/2012)