Management of Iraq assured Seoul that in this case the supply of oil from the finish Iran in South Korea, it will be able to compensate for the lack of crude oil. Both sides agreed on this at a meeting in Baghdad between the representatives of the Governments 2-states.
Namely, an agreement was reached under which Seoul is allocated a quota of 250 thousand barrels of oil per day, which will be able to cover the shortage of raw materials in the event of an emergency. This represents 10 percent of the total daily volume of imported oil. So, Hussein Shahristani, who is Iraq's deputy prime minister for energy, said that if Seoul have difficulty importing oil, "Iraq will give preference to oil supplies to South Korea."
Earlier Seoul joined international sanctions directed against Iran, who is suspected of developing nuclear weapons.
In the past year, oil imports to South Korea amounted to 926.7 million barrels, while 9.4% was oil from Iran.
Iraq currently produces each day supply of 89.9 million barrels of consumers in South Korea, accounting for 9.7% of the total oil imports, which roughly corresponds to the Iranian share.
Baghdad was made an official proposal to start its own oil supply in Sri Lanka in order to reduce its dependence on Iranian oil. In this case, the Iraqi authorities have offered Sri Lanka to deliver a "significant amount" of oil instead of raw materials Iran, fraction which is 92%.
The final decision on the Petroleum Exporting authorities of Sri Lanka will be made by March 29, exactly three months before the United States to apply sanctions against those countries that continue to trade business with Tehran.
Refining capacity, which were built in Sri Lanka in 1968, was used as an Iranian and Saudi oil. In this regard, Colombo intensive talks on additional supplies of raw materials not only with Iraq, and with Saudi Arabia and the United Arab Emirates.