South Korean companies in talks to restart Iran oil importsAugust 9, 2012 - 12:56 AMT PanARMENIAN.Net - South Korean oil refiners are in talks with Iran to resume oil imports, officials said Thursday, August 9 potentially by using Iranian tankers as a way to circumvent European Union sanctions, AFP said. Talks are currently underway with Tehran, officials of Hyundai Oilbank, SK Energy and Seoul's knowledge economy ministry said. Imports stopped entirely in July when an EU oil embargo on Iran over its nuclear program took effect, banning European firms from insuring Iranian oil shipments. South Korea had relied entirely on European firms for such coverage but a Hyundai Oilbank spokeswoman said, "We are still hammering out details before finalizing the deal... in a way to let Iran to take responsibility for oil tanker insurance." A spokesman for SK Energy, the other South Korean refiner which previously bought Iranian oil, confirmed the ongoing talks but refused to elaborate. The South bought 9.4 percent of its crude oil from Iran last year. It had been sharply reducing purchases this year in return for a waiver from separate US sanctions on Tehran. An official of the knowledge economy ministry also said Seoul refiners were discussing with Tehran ways to resume imports, including letting the Middle Eastern nation provide tankers or cover insurance for shipments. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |