SEOUL, Sept. 15 (Yonhap) — A senior Iranian official on Tuesday welcomed South Korean investment in his country, saying the oil-rich nation has much to offer in the energy sector.


Ali Asghar Arshi, a consultant to the deputy minister of Iran’s Ministry of Petroleum, said his country will bring long-term benefits to South Korean and other foreign businesses because its oil and gas sectors offer high profit, low risk and attractive development opportunities.


Iran, which has been under various international sanctions over its nuclear programs, has sought to attract foreign investment following a landmark deal in July under which it agreed to curb its uranium enrichment program in exchange for sanctions relief.


Speaking during the Global Energy Security Conference in Seoul, the official highlighted investment opportunities in oil and gas development, refinement, the petrochemical industry and energy efficiency projects.


He estimated that Iran’s energy sector will need more than US$173 billion in its upstream, midstream and downstream projects.


By Korea Observer