News ID: 202609
Published: 0552 GMT October 18, 2017

South Korea eager to invest in Iran’s oil industry

South Korea eager to invest in Iran’s oil industry

South Korean Minister of Land, Infrastructure and Transport Kim Hyun-mee met with Iranian Oil Minister Bijan Zanganeh, on Tuesday, in Tehran. She told the media that South Korea backs companies wishing to invest in Iran.

“The government of South Korea supports South Korean companies willing to invest in Iran,” said South Korean minister, on Tuesday, in her meeting with Zanganeh, in Tehran, MNA reported.

Immediately after leaving the hall of her meeting with Iranian oil minister, Hyun-Mee, told the media, “Korean companies’ participation in the oil industry projects of Iran was discussed in our meeting.”

The South Korean official recounted that Korean companies are eager to take part in the Iranian industries of oil, gas, and petrochemical products. “The negotiations between the CEO’s of Korea Gas Corporation (KOGAS) and Iranian companies’ executives are underway and the MD of KOGAS met with Iranian deputy oil minister earlier in May,” she said.

The KOGAS s national public company founded in 1983 by the South Korean government and it is now one of the big LNG (liquefied natural gas) importers in the world.

The National Iranian Oil Company (NIOC) and KOGAS signed a memorandum of understanding in May, 2016.

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