South Korea has lost billions of won on heavy fuel oil purchases made on the expectation that North Korea would fulfill its commitments under a six-way nuclear dismantlement agreement in a timely manner.

Under the terms of the accord reached February 13th, Seoul pledged to provide 50-thousand tons of fuel oil to Pyongyang if it shut down its nuclear facilities within 60 days.

But the deadline passed last Saturday without action by the North, as Pyongyang protested a delay in the transfer of its assets at a Macao bank.

A Unification Ministry official said that Seoul stands to lose three-point-six billion won due to the delay, as a purchase contract with a refinery expired on Friday.

The government had decided in late February to spend 21-point-nine billion won from the Inter-Korean Cooperation Fund for the fuel aid. It signed a delivery contract on March seventh.

The Unification Ministry will reportedly decide whether to renew the contract after observing developments in the six-way nuclear talks.