South Korea to increase oil import from Iran

Business Materials 29 February 2016 19:48 (UTC +04:00)

Tehran, Iran, February 29

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Iran and South Korea hope to raise their oil trade to 200 thousand barrels a day, Iranian Oil Minister Bijan Zanganeh said after meeting with the visiting South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan.

He said South Korean officials have pledged to increase their import of crude oil and gas condensates to a level higher than pre-sanctions era, SHANA news agency reported February 29.

Iran is currently exporting 100 thousand barrels of oil per day to South Korea. South Korea is a key trade partner of Iran in Asia. Seoul imports as much as 10 percent of its required oil supplies from Iran.

Zanganeh said South Korean companies are going not only to carry on their projects from pre-sanctions days in Iran, but also invest in and financially support new projects.

They have been given recommendations in LNG, petrochemicals, refinery, and distribution projects, he noted.

Hyung-hwan is slated also to meet Iran's First Vice President Es'haq Jahangiri, Minister of Energy Hamid Chitchian, and Minister of Industry, Mine, and Trade Mohammad Reza Nematzadeh while in Tehran.

South Korean President Park Geun-hye is scheduled to visit Iran in April with a large trade and economy delegation.

The current volume of trade between the two countries stands at around $9 billion which is expected to increase to well above $10 billion in the near future.