South Korea’s largest oil refiner SK Energy <096770.KS> will stop Iranian crude imports after a European Union insurance ban takes effect on July 1, two sources said, effectively making it the first of Tehran’s major Asian oil buyers to halt purchases.
The only other refiner that buys Iranian oil, Hyundai Oil Bank, will stop imports from June, industry sources said last month.
Iran exports most of its 2.2 million barrels of oil per day to Asia. The four main buyers are China, India, Japan and South Korea.
