Hanwha Total Petrochemical

South Korea

“South Korea, Asia's largest buyer of condensate, will step up purchases of the ultra light oil from Iran by more than 50 percent in June, two sources said, as competitive pricing squeezes out rival oil from Qatar. While South Korea does not provide separate data on imports of condensate, traders said the expected June shipments from Iran of at least six million barrels, or 200,000 barrels a day, would be a record level... Two South Korean buyers, refiners SK Energy and Hanwha Total Petrochemical Co, are set to lift at least six million barrels of Iranian South Pars condensate in June, up from about 3-4 million barrels in April and May, two sources with knowledge of the matter said. A Hanwha spokesman said the refiner planned to import about 2 million barrels of Iranian condensate in June, as it was cheaper than oil from Qatar and the company wanted to diversify its sources of supply.” (Reuters, “South Korea's condensate imports from Iran to soar in June,” 6/9/2016)