Tehran, Aug 23, IRNA � Iran is to rise the volume of its oil exports to South Korea after the removal of sanctions, Oil Minister Bijan Namdar Zangeneh said.

Making the remarks after a meeting with South Korean Minister of Land, Infrastructure and Transport Yoo Il-ho on Sunday, he said the two countries could have good cooperation in a number of areas.
Talking to reporters today, he noted that Iran was currently selling 100 thousand barrels of oil to South Korea.
The minister said the figure used to stand at 180 thousands prior to the sanctions.
However, Zangeneh noted, the real decisions are to be taken after the official removal of sanctions.
He believed both private and state sectors in Iran and South Korea could work together in projects such as extraction of crude oil, LNG investments and petrochemicals.
Saying that Iran is much more powerful now compared to the pre-sanctions years both in terms of infra-structures and the human resources capabilities, the minister said foreign companies had to bear this in mind when seeking contracts with Iran.
Referring to the long record of mutual cooperation, he said the South Korean insurance companies were asked to take charge of Iranian finance projects.

By IRNA