Iran’s National Gas Company and SKTELECOM of South Korea signed a memorandum of understanding on Monday to broaden cooperation for manufacture of gas equipment.
Iranian ministry of petroleum signed a huge deal with South Korean oil ministry and companies affiliated to the Iranian ministry in separate meetings singed different deals with their South Korean counterparts.
The MoUs were inked by Managing Director of Iran’s National Gas Company Hamid Reza Araqi, Director of International Relations at Iran’s National Gas Company Azizollah Ramazani and their South Korean counterparts.
Based on the MoU, Iran and South Korea would jointly produce electro meter as well as intelligence measuring equipment.
The managing director of SKTELECOM said his company is among the world’s biggest companies manufacturing precise electric meter systems as well as intelligence meter systems.
SKTELECOM is the second major company in the world active in manufacturing electric meter system a precision of 98 percent, he said.
According to Iran’s Customs Administration, the volume of mutual trade in 2015 when Iran was still under international economic sanctions stood at dlrs 4.28 billion with Iran’s imports from South Korea standing at dlrs. 4.35 billion and its exports to the country at dlrs. 250 million.