A Review of the Nigerian Energy Industry

Incheon eyes Nigeria, Russia, Kazakhstan light crude

*SK Incheon Petrochem.

17 April 2018, Sweetcrude, Lagos — South Korea’s SK Incheon Petrochem said it would buy more light crude oil to replace Iranian condensate.

SK Incheon said the decision to buy more light crude is a sequel to the rising prices of Iranian condensate.

In a statement, SK Incheon stated that it would bring in a combined three million barrels of light crude oil for April arrival as an alternative to Iranian condensate.

“We will increase our light crude imports for the time being in response to increasing price for Iranian oil,” the company said.

Incheon added that since the fourth quarter of 2017, it has cut its monthly Iranian condensate imports by nearly half of 1.1 million barrels and increased imports of light crude oil from countries such as Russia, Kazakhstan, and Nigeria.

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