(VOVWORLD) - The US officially ends sanction waivers granted to eight countries and territories importing crude oil from Iran on May 2nd.
 Iran's oil refinery facility on Khark island (photo: AFP/VNA) |
One of the 8 countries, South Korea halted importing Iran’s oil the same day. Previously, the South Korean government failed to negotiate with the US to extend the sanction waiver.
South Korea imports Iranian condensate, a key raw material for petrochemicals. Iranian condensate accounted for nearly half of South Korea’s demand. Petrochemical companies said prices will likely increase when they seek other suppliers.