Tehran and Seoul will sign a comprehensive memorandum of understanding (MoU) to boost oil exports and invest in LNG, refinery and petrochemical industry during South Korean president’s visit to Iran.
President Park Geun-hye arrived in Tehran Sunday for first time to open new chapter in the two countries’ economic cooperation, especially in the energy sector.
South Korean president’s visit to Tehran is considered the most significant since the establishment of diplomatic ties between the two countries in 1962.
A delegation comprising 236 officials and heads of the biggest companies and industries is accompanying the president in her three-day visit.
During the visit, a number of directors of Korean big companies will sign memoranda of understanding after talks with their Iranian counterparts.
Petroleum Minister Bijan Zangeneh and Korean Minister of Trade, Industry and Energy Chu Hyung-hwan are scheduled to sign a comprehensive MoU in a ceremony in presence of the two presidents.
Boosting Iran’s oil exports to South Korea, investment in LNG, marketing the product and investment in refineries and producing petrochemicals are among the main items of the deal.
Zangeneh said today after a meeting with the Korean Minister of Land, Infrastructure and Transport Kang Ho-in that Iran oil and gas condensates exports to South Korea will grow to 400,000 barrels a day in post-sanctions era.
Another memorandum of understanding will also be signed with South Korean energy minister, the Iranian minister said.
Zangeneh mentioned Iran LNG, development of South Pars 12th Phase and Bahman Geno Refinery in Jask are among the projects of interest for the Koreans.