South Korea will receive a shipment of Iranian liquefied petroleum gas (LPG) for the first time since imports were halted last October due to European sanctions that made it difficult to get shipping insurance.
South Korean LPG importer E1 Corp bought 33,000 tonnes of propane and 11,000 tonnes of butane that were loaded at an Iranian port.
One of the sources said there had been no Iranian LPG shipments since last October, although customs data has shown tonnage that the company has moved out from bonded areas.
U.S. and European Union sanctions aimed at choking the flow of oil money into Iran and forcing Tehran to negotiate on curbing its controversial nuclear programme halved Iran's crude exports in 2012, costing it as much as $5 billion a month. The EU broadened those sanctions to importing and transporting Iranian gas last October, also bringing the LPG exports to a halt.