Baku, Azerbaijan, August 29
By Khalid Kazimov -- Trend:
South Korea is willing to buy more oil from Iran after economic sanctions are lifted, Iranian Deputy Oil Minister in Planning and Observation of Hydrocarbon Resources Mansour Moazami said.
Korean companies are willing to be present in the post-sanctions Iran, he said, adding that the Korean companies' reps said during the meetings they are interested in cooperating with Iran in upstream oil and gas projects, technology exchange, oil and gas extraction, and buying LNG, SHANA news agency reported August 29.
In the meantime, Moazami said Iran and South Korea will boost their mutual relations right after sanctions are lifted, pointing out that the two countries are traditional trade partners.
In a meeting with a South Koran delegation last week, Iranian Oil Minister Bijan Zanganeh said South Korea used to buy 180 thousand barrels of oil a day from Iran before sanctions were imposed.
A large South Korean delegation, headed by Yoo Il-ho, the South Korean minister of Land, Transport and Infrastructure, arrived in Tehran on Aug. 23 Iran to discuss new business opportunities in the country in the post-sanctions period.
Right now Iran's crude export to South Korea stands at a little over 100 thousand barrels a day.
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.