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Page added on February 28, 2008

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South Korea to Increase Imports of Saudi Crude

…South Korea’s top refiner has decided to crank up its imports of Saudi crude by 50 percent starting in April. SK Energy plans to import a total of 135,000 barrels per day, or 49.27 million barrels per year, from state-run Saudi Aramco, up 47,000 barrels per day from the current 88,000.

SK Energy has had difficulty in securing a sufficient oil supply since Iraq suspended all crude exports to South Korea in protest of an exploration deal between Korean companies, including SK, and the Kurdish regional government.

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