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Sources said South Korea had begun testing American ultra-light crude oil sold by energy company Anadarko Petroleum (APC.N) as a substitute for Iranian crude oil, while South Korea was waiting for the Washington authorities to say whether they would allow it to continue importing Iranian crude oil.
South Korea is one of Iran's largest Asian customers and one of the eight Iranian crude oil importers exempted from the U.S. sanctions imposed on Iran in November last year.
Washington authorities are expected to reduce exemptions in May, which will undermine Iran's condensate supply to South Korea. Condensate oil is a kind of ultra-light crude oil, which is used in large-scale refining and chemical industry.
West Texas Light Oil (WTL) is believed to be a potential alternative to Iranian condensate because WTL produces a large amount of naphtha for petrochemical products during refining. Most WTL occurs in the western part of the Permian Basin in Texas.
Anadarko spokesman John Christiansen confirmed that the company was exporting WTL and said they "expected future exports to continue to increase", although he did not confirm whether South Korea was testing the grade crude oil.
Sources said that SK Energy, South Korea's largest refinery and Hyundai Refinery, the smallest refinery, were studying the crude oil's test and test samples.
"The API ratio of the crude oil seems to be 48, so it is possible (to replace Iranian condensate) in some way, but we need to test the quality of the crude oil again," a source said.
Neither SK Innovation, SK Energy's parent company, nor a spokesman for Hyundai Refinery commented.

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