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S. Korea May Cut Iran Oil Imports By As Much As 50% - Industry Official Read more: http://www.foxbu

Fox Business -- SEOUL – Talks between South Korea and the U.S. about Iranian sanctions might lead to an agreement for Seoul to reduce its imports of Iranian crude oil by as much as 50%, an industry official said Friday.

SK Innovation Co. (096770.SE), one of two Korean refiners that imports Iranian crude, will "actively cooperate" with any agreement on a reduction in Iranian imports but any cuts would probably take place slowly, said Jo Eun-kee, head of corporate planning at SK Innovation's refining unit SK Energy.

Speaking on a conference call, Jo said the talks on cutting South Korea's Iranian crude imports could lead to a reduction of as much as 50%. SK Innovation said in a statement that figure was an example of how deep cuts could go, and that the company was prepared for various scenarios.

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Submitted Feb 03, 2012 By: MacDad614

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Double_Golden All-Star Author San Francisco Posts:725 Points:240,780 Joined:Aug 2011	Message Posted: Feb 5, 2012 12:17:18 AM Ignore Double_Golden Report Abuse 50%, no way, I don't believe
DanMtz Champion Author Oakland Posts:1,507 Points:878,475 Joined:Oct 2009	Message Posted: Feb 4, 2012 9:36:37 AM Ignore DanMtz Report Abuse Great, but that just means more cheap oil for India to import.
johnnyg1200 Champion Author St. Louis Posts:1,483 Points:300,460 Joined:May 2011	Message Posted: Feb 3, 2012 4:27:56 PM Ignore johnnyg1200 Report Abuse Sanctions are a joke. Someone will buy the Iranian oil at a reduced price. Iran will pump more to make up for the lost revenue. The countries observing the sanctions will buy what is left at an inflated price. Countries other than Iran will pump a little more but not enough just to keep the price as high as they can.
The_DR Champion Author New Jersey Posts:1,049 Points:229,620 Joined:Aug 2011	Message Posted: Feb 3, 2012 1:42:56 PM Ignore The_DR Report Abuse Bring those terrorists to their knees
sjf238 All-Star Author Philadelphia Posts:715 Points:349,335 Joined:Mar 2011	Message Posted: Feb 3, 2012 12:28:58 PM Ignore sjf238 Report Abuse Interesting.
VomVom Champion Author Calgary Posts:2,443 Points:1,289,605 Joined:May 2007	Message Posted: Feb 3, 2012 11:26:41 AM Ignore VomVom Report Abuse Only if S Korea can find appropriate replacement feedstock. Otherwise, it ain't going to happen.
doctorindyj Champion Author Santa Fe Posts:2,249 Points:506,630 Joined:Nov 2009	Message Posted: Feb 3, 2012 8:06:23 AM Ignore doctorindyj Report Abuse Great. I guess it's because they know what it's like living next to a Daffy Duck loving psycho with a nuclear program.
gs7101 Champion Author San Antonio Posts:3,718 Points:275,630 Joined:Jun 2009	Message Posted: Feb 3, 2012 6:05:38 AM Ignore gs7101 Report Abuse Good -- hit Iran where it hurts -- in their bank account!
portlandcat Champion Author Tennessee Posts:1,813 Points:325,415 Joined:Apr 2011	Message Posted: Feb 3, 2012 5:46:56 AM Ignore portlandcat Report Abuse I think since our military is in that country helping to keep it safe, it shouldn't be dealing with Iran...maybe it's time to pull out of Korea?