South Korea Plans to Increase Iran Oil Purchase

Seoul has announced its approval to increasing import of oil from Iran, Bijan Namdar Zanganeh told reporters after a meeting with South Korean Minister of Land, Infrastructure and Transport Yoo Il-ho, held in Tehran on Sunday.

Seoul will make major decisions on the issue after termination of the anti-Iran sanctions, Zanganeh added.

“South Korea used to buy 180,000 barrels per day of oil from Iran before the imposition of the sanctions, and the number is now down to 100,000 barrels,” the Iranian minister said.

Zanganeh noted that he has also called on the visiting officials in the meeting to push for stronger presence of South Korean state-run insurance companies in Iran.

Yoo Il-ho heads a 30-strong delegation of South Korean industry officials in the visit to Iran.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.

The promising prospect of trade with Iran has prompted many countries to explore the market potential in the populous Middle East nation.