Sanctions on Iran have created new business opportunities in South Korea for U.S. producers of light sweet crude oil.
Iranian gas condensate used to be a popular feedstock for South Korean petrochemical plants. But it has become much more difficult to obtain since Washington imposed sanctions on Tehran.
This supply gap has created an opening for producers of West Texas Light (WTL), a light-weight, low-sulphur grade of crude oil that yields relatively large volumes of naphtha and distillate fuels during processing. In discussions with South Korea buyers, U.S. producers have been touting WTL as a good alternative to Iranian feedstock.