News Summary: S. Korea to resume Iran oil imports

AP News
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Posted: Aug 21, 2012 12:03 PM
News Summary: S. Korea to resume Iran oil imports

TURNING ON THE TAP AGAIN: South Korea will resume imports of Iranian crude next month within levels that comply with U.S. sanctions, government and industry officials said Tuesday.

SLIPPERY SLOPE; South Korea is in a difficult position in its dealings with Iran, analysts said. Seoul wants to maintain close ties with its most important ally, the U.S. But South Korea also needs to keep alive crucial business ties with Iran, which sells crude cheaper than other oil exporters.

JUST BUSINESS: The resumption of imports will help about 3,000 mostly small and mid-sized South Korean businesses that do businesses with Iran.