Tehran and Seoul to ink oil, gas MoUs
Baku, Azerbaijan, April 17
By Khalid Kazimov - Trend:
Tehran and Seoul are expected to sign three memorandums of understanding (MoU) for cooperation in oil and gas sector during the South Korea President Park Geun-hye's upcoming visit to the Islamic Republic in late April.
Marzieh Raihi, the director general for Asia and Pacific affairs at Iranian Oil Ministry's International Affairs and Commerce division, has said that the expected MoUs will lay the ground for cooperation in energy sector, SHANA news agency reported.
According to Riahi National Iranian Gas Company, National Iranian Oil Company well as Iran's oil ministry will be the signatories of the documents.
Riahi further added that the MoUs will envisage investment in Iran's oil and gas industry, petrochemical sector as well as LNG projects.
None-oil trade turnover between Iran and South Korea in 2013 stood at $4.1 billion. Iran's exports to South Korea amounted to $360 million in the mentioned period. In the meantime, South Korea exported $3.8 billion worth of goods to Iran.
Considering crude oil exports, the trade turnover between Tehran and South Korea reached $9.2 billion in 2013.