Tehran, Seoul to broaden energy cooperation

Business Materials 29 February 2016 20:37 (UTC +04:00)

Tehran, Iran, February 29

By Mehdi Sepahvand - Trend:

Iran and South Korea are going to broaden their scope of cooperation in the energy sector, visiting South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan said.

Speaking to reporters, Hyung-hwan expressed willingness to conduct cooperation with Iranian companies in electricity and water management projects, Tasnim news agency reported February 29.

"South Korean companies can offer cooperation with Iran and settle joint projects in building dams, hydro-electrical power plants, as well as fresh water plants," he said.

"In today's meetings with Iranian ministers of oil and energy, we reached agreements to the effect that henceforth Iranian and South Korean companies will conduct cooperation on energy. It was agreed that more meetings be held between ministries on both sides for coordination."

Earlier the day, Iranian Oil Minister Bijan Zanganeh said after meeting with Hyung-hwan that Iran and South Korea hope to double their oil trade to 200 thousand barrels a day.

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.