S.Korea considering banning petchem imports from Iran-sources Friday, 25 November 2011 09:03

SEOUL: South Korea is considering banning petrochemical product imports from Iran following a request by the United States to beef up sanctions against the country, sources at South Korea's economy ministry said on Friday.

But the world's fifth-largest crude oil importer isn't planning any ban crude oil imports from the Middle East country.

"We are cautiously considering an import ban on Iranian petrochemical products, and currently evaluating a possible impact of the ban," one of the two ministry sources told Reuters by phone.

Petrochemical products that are under consideration include butadiene, paraxylene and other intermediates produced by processing naphtha, another source said.

Both sources declined to be named as they were not authorised to speak to media.

South Korea's petrochemical products trade with Iran was worth about $800 million last year out of a global trade worth $49 billion.

(Reuters/Cho Mee-young)