SINGAPORE/SEOUL (Reuters) – With supply from major producer Iran uncertain, big condensate user South Korea is scouring the world for alternative sources of this key ingredient in its large chemical industry to avert shortages – a process that is proving to be costly for buyers. FILE PHOTO: A petrochemical plant is seen in Seosan, about 150 km (93 miles) south of Seoul January 29, 2013. REUTERS/Lee Jae-Won/File Photo Condensate, a type of ultra-light crude oil, is a feedstock for South Korea’s petrochemical industry. A by-product of natural gas production, Iran and Qatar are major condensate suppliers. But Iran’s exports have fallen sharply this year as production in its South Pars gas field struggles to keep up with rising domestic demand while renewed U.S. sanctions on Iran’s petroleum industry crimp exports. With Iranian condensate in the past years making up more than half of Korea’s overall supply, the shortfall is […]