According to statistics from Korea National Oil Corp, a state-run institution, Seoul imported a total of 25.25 million barrels from Iran during the first four months of 2011, representing a 10% decrease from the 28.1 million barrels during the same period a year ago. The increase of imports in April accounted to 7.5 million barrels, a 42% rise from the same period last year.

“The increase in Iran crude oil imports in April might be because they are importing more in advance due to given notice about halting Iran crude oil imports,” Yoo Young-kook, senior analyst at KTB Investment & Securities Co, said, ” according to Arabian gazzette.

“Another scenario is that there might be an expectation that Iran sanctions will be resolved positively so the purchase is increasing,” he added.

There are  two South Korean oil refineries which import Iranian crude:  SK Energy and Hyundai Oilbank. According to reports, both refineries have annual deals to increase oil imports from Iran in 2012. SK Energy has stated it will stop importing Iranian oil in July when the European Union’s sanctions come into effect.

South Korea is the fourth-largest importer of Iranian oil. S. Korea is trying to make up for the losses by seeking deals with other Middle East countries like Saudi Arabia, the UAE, Kuwait, and Qatar, Arabiangazzete reported.

The US and the EU have imposed tough financial sanctions as well as oil embargoes against Iran since the beginning of 2012, claiming that the country’s nuclear energy program includes a military component.

Tehran refutes such acussations, insisting its nuclear program is for peaceful purposes.