Baku, Azerbaijan, Aug. 23
By Umid Niayesh - Trend:
Iran expects to double its oil exports to South Korea whenever sanctions are lifted.
Tehran currently exports about 100,000 barrels of crude to South Korea per day, Iran's oil minister, Bijan Namdar Zanganeh said.
"We hope to increase the figure to pre-sanctions level which was around 180,000 barrels per day once the sanction are lifted," Zanganeh said, Iran's State IRINN TV reported Aug. 23.
He made the remarks after a meeting with Yoo Il-ho, the South Korean minister of Land, Transport and Infrastructure in Tehran.
Zanganeh further said that the South Korean side has agreed Iran's offer on increasing crude export to pre-sanctions level.
He also said that the South Korean companies can cooperate with Iranian firms and make investments in the Islamic Republic's oil, gas and petrochemical sectors.
The parties also discussed insurance cooperation, Zanganeh said, adding Iran requested that the South Korean state-run insurance companies to cover finance of Iranian projects.
A large South Korean delegation, headed Yoo Il-ho, arrived in Tehran on Aug. 23 Iran to discuss new business opportunities in the country in the post-sanctions period.
South Korean companies are seeking to tap the Iranian market after the recent opening in the wake of last month's nuclear agreement.
The delegation includes officials from the state-run Korea Export-Import Bank and Korea Expressway Corp., as well as private builders such as Daelim Industrial Co.
Iran was South Korea's sixth largest partner for sales of industrial products before 2011 when sanctions reduced bilateral trade.
South Korea has established a special support center for businesses to enter the Iranian market in its effort to revive full economic relations with Tehran.
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