Iran’s crude oil will flow to South Korea, after the country became the second Asian nation to make a payment to Iran for crude oil imports under an interim nuclear deal, according to Reuters. Japan was the first of Iran’s oil buyers to make payment to the country under eased sanctions.
It was not clear the amount to be transferred but the Iranian central bank was holding up to $5.6 billion in two won-denominated accounts, one at Woori Bank and the other at Industrial Bank of Korea as of late 2013, according to Reuters.
A second source who confirmed the money transfer added the payment would be made by the two Korean banks next month – one part on early March and the other later in the month.
State-owned Woori Bank and Industrial Bank of Korea declined to comment on the money transfer.
According to the November agreement between Tehran and the five powers, the second and third payment schedules are March 1 for $450 million and March 7 for $550 million.
Bank of Korea and South Korean finance ministry officials contacted by Reuters said no decision had been made about money transfers to Iran.
An agreement between Iran and six world powers in November allows the OPEC member to keep exports at the current reduced levels of about 1 million bpd, and opens a door for lifting shipments later.
