Tehran, Seoul discuss enhanced energy cooperation

SHANA– Iran and South Korea engaged in talks on energy cooperation and trade in areas like liquefied natural gas (LNG), crude oil sale and financing oil and gas projects.

Following a meeting with visiting South Korean Minister of Land, Infrastructure and Transport (MOLIT) Kim Hyun-mee in Tehran on Tuesday, Iranian Minister of Petroleum Bijan Zangeneh said LNG, oil sale and investment were the meeting’s highlights.

He said delivery of cash to Iran from South Korea and sorting out its problems were also talked about during the meeting.

Zangeneh also said that Iran will soon send a delegation to South Korea but did not give more details about the visit.

“South Korean companies are keen on joining Iran’s oil projects and the South Korean government have opened a $20b credit line for Korean companies for working in Iran which is being properly backed,” he added.

“During this meeting, we stressed the need for raising the share of Iranian companies in the projects.”

The official further added that the two sides reached a preliminary agreement on investment of South Korean companies in oil, gas and petrochemical projects in Iran as well as long-term import of LNG from Iran.

For her part, Kim Hyun-mee said the Korean government supports investors in Iran.