Tehran, Seoul to Sign MoUs in May

South Korean President Park Geun-hye will visit Iran in May to sign three Memorandums of Understanding (MoUs) on energy domain, an official with Iranian Ministry of Petroleum said on Sunday.

Director General of the Asia-Pacific Department of the Ministry of Petroleum Maliheh Riyahi said that two agreements will be inked by the South Korean party and the National Iranian Gas Exports Company (NISOC) and National Iranian Gas Company (NIGC).

Enhanced oil recovery, technological investments and investment in construction of Iran gas trunklines 9 and 11 (IGAT 9 and 11) as well as petrochemical cooperation will be considered by the two sides through the agreements, she said.

On Sunday, Amir Hossein Zamani-nia, deputy petroleum minister in international affairs and trading, hosted a Tehran meeting with South Korean Trade, Industries and Energy Minister Joo Hwang-wan.

Tehran-Seoul trade balance was over $4.1b in 2013 of which $360m accounted for Iran’s exports to South Korea and the rest ($3.8b) accounted for South Korean exports to Iran.