South Korea’s Iranian crude imports fourfold
South Korean President Park Geun-hye arrived in Tehran in the first such high-level visit since the two nations established diplomatic ties in 1962.
The visit is aimed at strengthening all-out relations between the two countries.
Park landed in Mehrabad Airport on Sunday for a three-day official visit together with representatives from some 236 South Korean companies and organizations. She was welcomed by Iran's Industry, Mines and Trade Minister Mohammad Reza Nematzadeh, Press TV reported.
The South Korean president will meet with President Hasan Rouhani today.
The two presidents are expected to discuss a wide range of issues, from energy and infrastructure to developments in the Middle East and the Korean Peninsula. The two sides will reportedly seal deals worth over €10bn.
South Korea is eager to participate in Iran’s development projects and expand economic cooperation to communication technology, information, healthcare and culture.
This comes in a series of visits by world leaders to Tehran after the implementation of a last year nuclear agreement between Iran and world powers.
South Korea has been a major importer of Iran’s crude oil. It sharply increased its crude oil purchase from Iran after the sanctions were removed.
Iran’s Petroleum Minister Bijan Zanganeh said on Sunday the country has more than quadrupled its oil exports to South Korea following the removal of sanctions five months ago.
Zanganeh said that oil exports to South Korea have increased to 400,000 barrels per day (bpd) from less than 100,000 bpd prior to the lifting of anti-Iran sanctions in January.
He added, however, that Iran is still facing banking troubles for the transfer of its cash from the Southeast Asian country, noting that Tehran and Seoul are working to resolve the problems.
The Iranian oil minister made the comments after a meeting with the visiting South Korean Minister of Land, Infrastructure and Transport, Kang Ho-in in Tehran.
During the meeting, Iran also signed Memorandum of Understanding with South Korea to export gas to the East Asian country as well as cooperation in gas projects.
