TEHRAN, May 02, (Shana) – Iran’s Petroleum Minister Bijan Zanganeh and South Korean Trade, Industry and Energy Minister Joo Hyunghwan on Monday signed a Memorandum of Understanding to enhance cooperation in fields of oil and gas.
The cooperation document, which was signed in the presence of Iranian President Hassan Rouhani and South Korean President Park Geun-hye, outlines the two countries’ long-term strategy for cooperation in oil and gas areas.
This is the third cooperation document that is signed by Iranian and Korean delegations during President Park’s landmark visit to Tehran.
After removal of US-led international sanctions on Tehran’s nuclear programs, Seoul increased import of Iran’s crude oil and gas condensates from 100,000 barrels per day to 400,000.
Financing Iranian projects as well as cooperation on construction of cross-country pipelines as well as Iran-Oman undersea pipeline are among other topics of discussion between Iranian and Korean officials.
South Korean president arrived in Iran on Sunday for a three-day visit which marks the first summit between the two countries since they established diplomatic ties in 1962.