Iran's Oil, Gas Condensates Sale To South Korea Quadruples In Months

In the wake of the January removal of sanctions on Iran, the country's oil and gas condensates export to South Korea has quadrupled, moving from 100,000 barrels a day to 400,000.

South Korean Minister of Land, Infrastructure and Transport Kang Ho-in met Iran's Oil Minister Bijan Zanganeh in Tehran where they discussed bilateral oil and gas condensate trade, the oil ministry's Shana news agency reported May 1.

Zanganeh said despite the removal of sanctions, banking relations with South Korea have not been eased yet, but added that the case is being pursued for a solution.

The two countries are going to sign, among others, a MoU in the energy sector during South Korean President Park Geun-hye's formal visit to Tehran.

Iran-South Korea bilateral trade shrunk to $6.1 billion under sanctions. Iran's export to South Korea in the meantime amounted to $2.3 billion while that of South Korea to Iran reached $3.7 billion.

The oil minister said Iran welcomes South Korea for joint investment in LNG projects as well as oil field development and refinery construction.

He said Iran has made a condition regarding the joint LNG projects, requiring South Korea to buy the LNG product, to which Seoul has agreed. (Cihan/Trend Az)