Iran, South Korea sign deal on oil, gas co-op

Oil&Gas Materials 7 August 2016 12:16 (UTC +04:00)

Baku, Azerbaijan, Aug. 7

By Fatih Karimov – Trend:

The Industrial Development and Renovation Organization of Iran (IDRO) and South Korean Hyundai Engineering and Construction Company signed a memorandum of understanding (MoU) for cooperation in oil and gas projects, Masoud Golshenas, an official with IDRO, said.

Golshenas, who is the executive director of mega projects in IDRO, said that under deal the two sides will invest and implement oil, gas and infrastructural projects in Iran, SHANA news agency reported Aug. 7.

The document was signed after several rounds of negotiations between IDRO and Hyundai following President Park Geun-hye's visit to Tehran last May, Golshenas said.

He further said that the two sides will setup an implementation structure for multiple projects listed in the agreement without unveiling details on the projects.

During the Geun-hye's three-day official visit, the two countries discussed several cooperation deals worth billions of dollars.