TEHRAN, Feb. (29) -- Iran says it hopes for more Tehran-Seoul ties in the wake of the removed international sanctions on Tehran.

"Iran used to enjoy good and developing relations with South Korea which were disrupted by the sanctions," said Iranian Minister of Petroleum Bijan Zangeneh, following a meeting with visiting South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan in Tehran.

In a separate development, Iran said on Sunday that it had signed a basic agreement with South Korea to attract funds worth a total value of �5 billion for its development projects, reported PressTV.

The agreement was signed between Iran�s Finance Minister Ali Tayyeb-Nia and the visiting South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan.
Tayyeb-Nia told reporters that similar agreements have been previously signed with South Korea including one with the country�s Exim Bank to provide a total of �8 billion to Iran to implement its development projects.

The Iranian minister further emphasized that South Korea is expected to provide Iran with loans worth a total of $15 billion based on the agreements that have been sealed so far.

The Korean official is heading a 20-member�delegation of Korean government officials to attend the 11th Assembly of Tehran, Seoul economic cooperation committee.

By SHANA