More energy cooperation between Iran and South Korea

More energy cooperation between Iran and South Korea

Editorial Staff
Share
Tehran and Seoul are ready to ink a memorandum for the oil, gas and petrochemical sectors

The signing of a memorandum of understanding between South Korea and Iran is expected to to increase oil exports and to invest in the petrochemical sector. To this end, on Sunday May 1 South Korean President Park Geun-hye, landed in Teheran for a visit that has opened a new chapter in the economic cooperation between the 2 countries which has been subject to fast developments in the past few months resulting in, among other things, the negotiation for the participation of the Korea gas corporation (Kogas) in the construction of a gas pipeline connecting Iran with Oman. Park Geun-hye’s visit is the most significant since the start of the diplomatic relations between Iran and South Korea, which took place in 1962. The initiatives proposed by the Iranian government, following the lifting of the sanctions, to return to the center of the international energy cheeseboard are therefore developing.