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The revision was signed by Science, ICT and Future Planning Minister Choi Yang-hee and Iranian Minister of Communications and Information Technology Mahmoud Vaezi in Seoul, according to the Ministry of Science, ICT and Future Planning, Yonhap reported.

South Korea first signed the accord with Iran in 1990 before sanctions against Tehran were imposed.

The two ministers agreed on the need to restore a cooperation channel to promote partnerships in science and technology, officials said.

The ministry said it will reopen a joint science-technology committee, which has been suspended since 2004, as soon as possible.

The ministry will try to actively use the partnership as an opportunity for South Korean advanced technology and ICT firms to tap into Iran, it added.

"I ask the Iranian government to largely support South Korean firms making inroads into Iran with a huge potential in the ICT sector" Choi said.

Choi also urged the Iranian government to take follow-up measures on MOUs signed during President Park Geun-hye's landmark trip to Tehran in May.

The Electronics and Telecommunications Research Institute (ETRI) of South Korea inked an MoU with TEM Invest Co. — a top Iranian firm specializing in ICT investment — on strategic partnerships. The Korea Research Institute of Bioscience and Biotechnology also agreed to push for joint research projects with the University of Tehran.

The Iranian minister also visited the headquarters of major tech firms, including Samsung Electronics Co., during his trip, officials said.

Iran's ICT market was valued at $17.9 billion in 2014 and it's expected to grow to $29.8 billion in 2020.

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Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, and Iran's senior government official said it sees its oil production at 4 million barrels per day by yearend, Reuters reported.

The four countries, South Korea, Japan, China and India, imported 1.64 million barrels per day (bpd) in July, government and ship-tracking data showed.

Japan's Trade Ministry on Wednesday released official data showing its imports jumped 61.8 percent from a year earlier to 256,651 bpd in July.

Imports by South Korea jumped more than fourfold last month, while India's imports more than doubled from a year ago.

Iran's total production target in oil and gas condensates is 5.8 mbd by 2021, which if Iranian domestic demand stays constant at 1.8 mbd would allow exports to reach 4 mbd.

Iran is prepared to handle the new exports by increasing its available tanker fleet and completing additional export agreements.

Iran announced in mid-August that its exports of crude oil reached 2.1 mbd in June.

Mohsen Qamsari, the director for international affairs at the National Iranian Oil Company (NIOC) added that the figure is still at least 0.4 mbd less than the average volume of oil exports of the country before the US-engineered sanctions were imposed against it.

He said that Iran's total exports of crude oil and gas condensates reached 2.7 mbd in June. The figure, Qamsari added, includes 0.6 mbd of condensates.

"The status of Iran's oil exports is good but they have not yet reached the pre-sanctions levels," he stated.

"Iran's exports of condensate in pre-sanctions years were lower than today's levels," underlined the official.

Qamsari further said that most of Iran's traditional clients have resumed oil purchase from the country. He added that negotiations are underway with a number of Asian clients over new sales contracts.

The sanctions restricted the country's oil exports to around 1 mbd.

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