Iran Seen Sending Own Supertanker to Deliver Oil to South Korea

An Iranian supertanker is heading toSouth Korea with a cargo of oil, according to shipping data, as the Islamic republic uses state-owned tankers to make deliveries in response to sanctions over its nuclear program.

0216-special-report-iran-oil-Ahmadinejad_full_600_thumb Iran Seen Sending Own Supertanker to Deliver Oil to South Korea

The Brawny, a very large crude carrier that can take on 2 million barrels of oil, left the Iranian port of Kharg Island yesterday and is provisionally scheduled to discharge its cargo at Daesan in South Korea, according to transmissions captured byIHS Inc. (IHS) on Bloomberg. National Iranian Tanker Co. owns the vessel. Hyundai Oilbank Co. operates a 395,000 barrel-a-dayrefinery in Daesan.

South Korea, which imports almost all its crude requirements, was granted an exemption in June from U.S. sanctions on imports of Iranian oil. The country in August halted shipments from the Persian Gulf nation after its refiners lost insurance coverage, customs data showed Sept. 15. India andJapan, two of the largest buyers of Iranian crude, offer state-backed insurance for their Iranian purchases.

Separately, SK Innovation Co. took delivery of an Iranian crude shipment on Oct. 2 in Ulsan, according to Yoo Jung Min, a spokesman at South Korea’s largest refiner. He declined to identify the vessel.