The chief executive officer of Oman Oil Company has been sentenced to 23 years in jail in a landmark case that found that Ahmad Al-Wahibi accepted a bribe of $8 million from Korea-based firm LGI, a report said.
South Korea is seeking to promote economic ties with Kuwait to the level of energy cooperation, visiting Minister of Trade, Industry and Energy Yoon Sang-jick has said.
South Korea said Tuesday that it will halt all Iranian oil imports from the start of July in response to a European Union insurance ban on tankers carrying crude from Iran.
South Korea will effectively become the first of Iran's major Asian customers to halt oil purchases from July 1, when a European Union insurance ban will prevent further imports.
South Korea, a key U.S. ally, warned the United States on Tuesday it would be difficult to replace Iranian crude supplies and expressed concern that sanctions pressure could lead to higher oil prices.
South Korean Prime Minister Kim Hwang-sik has arrived in Oman to 'discuss energy issues,' as the country seeks to lower its dependence on Iranian oil in the face of tightening US sanctions.