S.Korea’s SK Energy makes first U.S. White Cliffs crude purchase
SK Energy, South Korea’s top refiner, has made its first purchase of U.S. White Cliffs crude for August arrival, a source familiar with the matter said.
The refiner has received 493,000 barrels of the U.S. crude, said the source, but declined to be identified due to the sensitivity of the matter.
The purchase comes as South Korean refiners are looking to diversify their crude sources to replace Iranian oil before sanctions against Iran come into force on Nov. 4.
A record amount of U.S. crude is expected to flow into South Korea in November as South Korean buyers have been snapping up U.S. crude oil in recent months, taking advantage of the steep discounts, according to sources and data.
Source: Reuters (Reporting By Jane Chung; Editing by Sunil Nair)