South Korea eyes building nuclear power plant in Iran

Business Materials 25 April 2016 11:22 (UTC +04:00)

Baku, Azerbaijan, Apr. 25

By Farhad Daneshvar - Trend:

South Korea's Hyundai Motor Group is considering a contract worth at $500 million for investing in the construction of a 500 megawatt (MW) nuclear power plant in Iran.

Prior to South Korean President Park Geun-hye's upcoming visit to Tehran, a group of experts and managers from Huyndai have arrived in Iran to discuss the contract, Mehr news agency reported.

According to the report, the South Korean group has visited Iran's Zanjan Province to evaluate a site and its infrastructure for the construction of the nuclear power plant.

Huyndai is also expected to ink a $3.6 billion deal for the construction of a gas refinery in Iran's South Pars gas field.

Park Geun-hye is scheduled to travel to Iran on May 1 upon invitation by her Iranian counterpart Hassan Rouhani.

Energy, banking, insurance, infrastructure, health, science, and culture will be discussed by the sides.

South Korea's imports of Iranian crude oil surged 81 percent to reach 244,240 barrels per day in March from the same month a year earlier in the wake of sanctions being lifted targeting Tehran's nuclear program.