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Iran to Sell More Oil to S. Korea

Source: 8/24/2015, Location: Asia

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South Korea has agreed to buy more oil from Iran once western sanctions on Tehran are lifted following the July 14 deal between Iran and the six world powers, Iranian petroleum minister said.

Following a Tehran meeting with South Korean Minister of Land, Infrastructure and Transport Yoo Il-ho, Bijan Zangeneh said Iran sells 100,000b/d of crude oil to South Korea for the time being.

Speaking about the highlights of his meeting with the Korean official, Zangeneh said prior to the sanctions, Seoul purchased 180,000b/d of oil from Iran which fell to 100,000b/d under the embargoes. His address came after Yoo Il-ho.

“As the Korean minister said, the main decisions will be made after the sanctions relief,” he said, stressing that South Korea has agreed to increase its oil purchases from Iran after removal of the embargoes.

He said different state and private companies from Iran and South Korea can cooperate in areas like crude oil recovery as well as investment in LNG and petrochemical sectors.

“Today’s Iran is very different from the country before the sanctions were imposed, whether in terms of infrastructures or capabilities and potentialities of human resources,” he said. “Foreign companies must be conscious of this fact for returning to Iran.”

He also highlighted the background of Iran-S. Korea partnership in various fields, saying the two countries’ companies know each other well.

“During the meeting, Iran called on Korean state insurance companies to cover the financing of Iranian projects,” Zangeneh said.

“Iran and South Korea are optimistic that they will lay the foundation of fresh relationships not only for presence in Iran, but for presence in the big regional market with Iran at its focal point,” he added.

The Korean delegation arrived in Tehran on Sunday for a two-day visit as the last of a series of business delegations from Europe and Asia making the trek since the July 14 to explore avenues of restored and expanded ties with Tehran.

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