S Korea to seek alternate sources of oil imports

After US government's attempt to halt the Iranian oil revenue, South Korean government is now seeking for an alternative source for crude oil imports.

Seoul:South Korea said on Friday that it will seek alternate sources of crude oil imports in order to minimize the impact of sanctions imposed by the United States on Iran, reported by a media agency.

The move comes after US Secretary of State Mike Pompeo announced recently that no fresh sanctions waiver will be issued for Iranian oil imports to South Korea, China, India and five other countries.

The waivers are set to come to an end on May 2. Earlier this week, South Korean officials, including Deputy Foreign Minister for Economic Affairs, Yun Kang-hyeon, visited Washington for talks on the issue. It is pertinent to mention that India on Tuesday said that it is adequately prepared to deal with the impact of the US decision.

"Government has noted the announcement by the US Government to discontinue the Significant Reduction Exemption to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision," said Ministry of External Affairs (MEA) spokesperson Raveesh Kumar. In November last year, the US had issued 180-day waivers to eight countries - including India - to give them more time to find alternative sources of oil.