"Iran used to enjoy good and developing relations with South Korea which were disrupted by the sanctions," said Iranian Minister of Petroleum Bijan Zangeneh, following a meeting with visiting South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan in Tehran.
In a separate development, Iran said on Sunday that it had signed a basic agreement with South Korea to attract funds worth a total value of €5 billion for its development projects, reported PressTV.
The agreement was signed between Iran’s Finance Minister Ali Tayyeb-Nia and the visiting South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan.
Tayyeb-Nia told reporters that similar agreements have been previously signed with South Korea including one with the country’s Exim Bank to provide a total of €8 billion to Iran to implement its development projects.
The Iranian minister further emphasized that South Korea is expected to provide Iran with loans worth a total of $15 billion based on the agreements that have been sealed so far.
The Korean official is heading a 20-member delegation of Korean government officials to attend the 11th Assembly of Tehran, Seoul economic cooperation committee.
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