Seoul supports investment in Iran's oil industry: Minister

EghtesadOnline: South Korean Minister of Land, Infrastructure and Transport Kim Hyun-mee said on Tuesday that her government will support Korean firms for investing in Iran.

News ID: ۷۸۰۰۲۶

24 October 2017

Following her meeting with Minister of Petroleum Bijan Zangeneh, the Korean minister said the two sides discussed and considered presence of South Korean companies in Iran's oil industry projects.

According to IRNA, she said that South Korean companies are interested to participate in Iran's oil, gas and petrochemical industries, and added that directors of South Korean Gas Company (KOGAS) are negotiating with Iranian counterparts and managing director of the company had already met with deputy Petroleum minister.

Zangeneh said that in the meeting the two sides discussed issues concerning oil and gas condensates export and problems for its payments.

He added that it is due Ms. Kim Hyun-mee relay the issue to the Finance Minister and also a delegation will travel to Seoul to solve the problem.

Zangeneh said that Iran is exporting 120,000 barrels a day of oil to South Korea as well as gas condensate.

If payment problem cannot be resolved, Iran is to decrease its export to South Korea and sells its oil to another country.

They pay part of the money by euro and another part by Korean national currency, while we like to increase euro part of the payment.

KOGAS Company was founded in 1983 by South Korean government and is one of the main companies to import LNG in the world.

National Iranian Oil Company and KOGAS signed memorandum of understanding in May 2016.

South Korea is the largest importer of gas condensates from Iran and 50 percent of Iran's gas condensates go to South Korea.

South Korea imported 430,000 barrels a day from Iran of which 330,000 barrels were gas condensates in the first nine months of the year 2017.