23 August 2015 - 12:00
  • News ID: 245748

S. Korea Eyes Return to Iran in Post-Sanctions Era

S. Korea Eyes Return to Iran in Post-Sanctions Era

TEHRAN August 23 (Shana)--South Korean minister of land, infrastructure and transport has voiced his country's willingness to restore economic and energy ties with Iran once the western sanctions on Tehran are removed.

"Today is a favorable opportunity for discussing expansion of ties with Iran in various areas," said Yoo Il-ho, addressing reporters following a Sunday meeting with Iranian Petroleum Minister Bijan Zangeneh here in Tehran. 

He spoke about the highlights of his meeting with Zangeneh, saying bilateral relations in petrochemical as well as construction sectors in the oil industry were discussed during the meeting.

"We are trying to restore our pre-sanctions relations, which were limited in recent years because of the restrictions, to a favorable state," he said. 

Asked about expansion of Tehran-Seoul partnerships in the future, Il-ho said Korean companies and experts in various areas will be able to enter into direct talks with their Iranian opposite numbers in a bid to boost their presence in the country. 

Cooperating with Iran in economic and industrial grounds, South Korea will not only cover Iran but the region's market as well, he said. 

He said South Korean government is "resolved to restore Tehran-Seoul relations to the level they were before the US and EU sanctions were imposed [on Tehran]." 

South Korean government and corporate officials are in Tehran to discuss possible energy deals with Iran once the western sanctions on the country are lifted. Iran is mulling $185b worth of projects in the sector by 2020. 

The Korean delegation arrived in Tehran on Sunday for a two-day visit as the last of a series of business delegations from Europe and Asia making the trek since the July 14 to explore avenues of restored and expanded ties with Tehran.

Ever since the Vienna deal, prospects for the removal of sanctions on the country are bright. Iran clinched a long-sought nuclear deal with the P5+1 group on July 14.

The delegation is headed by South Korean deputy trade minister Woo Tae-hee who is accompanied by officials of his ministry and state-run oil, gas and resources firms. South Korean minister of Land, Infrastructure and Transport Yoo Il-ho is also among the visitors. 

In a statement that the ministry of trade, industry and energy of S. Korea released on Sunday, the delegation plans to highlight the capability of Korean firms for major projects with which the Iranian government seeks to "rebuild infrastructure, diversify industries and develop energy fields in the post-sanctions era."

An OPEC member, Iran enjoys the world's largest gas reserves and is fourth on the global list of top oil reserves holders.

News ID 245748

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