Iran, South Korean KOGAS sign gas co-op document

Oil&Gas Materials 1 May 2016 17:07

Baku, Azerbaijan, May 1

By Fatih Karimov - Trend:

The National Iranian Gas Exports Company (NIGEC) and South Korean KOGAS signed a MoU for gas cooperation.

Based on the document, the parties will cooperate in exporting Iran's gas in form of LNG, gas marketing and transfer of experiences, the oil ministry's SHANA news agency reported May 1.

Founded in 1983, KOGAS(Korea Gas Corporation) is one of the main LNG importers in the world.

Earlier the day, South Korean Minister of Land, Infrastructure and Transport Kang Ho-in met Iran's Oil Minister Bijan Zanganeh in Tehran where they discussed bilateral oil and gas condensate trade.

Zanganeh said Iran welcomes South Korea for joint investment in LNG projects as well as oil field development and refinery construction.

In mid-March, the media in Seoul reported that KOGAS is looking into Iran-Oman gas pipeline project which experts say requires an investment of at least $1.5 billion.

Project owners and KOGAS could sign either a memorandum of understanding or a framework agreement, the media reported.