Hyundai Chemical

South Korea

"In November, South Korea's Iranian crude imports more than quadrupled from a year earlier as Hyundai Chemical's new condensate splitter boosted the country's ultra-light oil demand from the Middle Eastern country... South Korea is one of Iran's major oil customers. Seoul imported 14 million tonnes, or 281,187 bpd, of crude from Tehran in 2016, up 145.4 percent from 5.7 million tonnes, or 114,595 bpd, in 2015." (Reuters, "S.Korea's Dec Iran crude imports surge 648.2 pct on year," 1/14/2017).


“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. Iranian condensate imports could gain further momentum in the fourth quarter, if Iran clinches a deal with Hyundai Chemical to supply the company's new splitter. Talks between Hyundai Chemical and the National Iranian Oil Company (NIOC) on a term supply deal are under way, a third source familiar with the matter said. South Korea, the world's fifth-largest crude buyer, has more than doubled its oil imports from Iran in the first four months of this year to about 248,000 barrrels a day after Western sanctions on Iran were removed in January.” (Reuters, “South Korea's condensate imports from Iran to soar in June,” 6/9/2016)