BREAKING NEWS

South Korean officials visit Iran to seek post-sanction deals

By REUTERS

AUGUST 23, 2015 05:03

Updated: AUGUST 23, 2015 05:02

SEOUL - South Korean government and corporate officials are visiting Iran this week to hunt out possible deals in the oil, gas and construction industries since an agreement was reached to lift sanctions on Tehran.

Iran is targeting oil and gas projects worth $185 billion by 2020, after reaching a nuclear deal last month with six major world powers, under which sanctions set by the United States, the European Union and the United Nations are due to be lifted.

The sanctions are unlikely to be removed until next year, however, as the deal requires approval by the U.S. Congress. Nuclear inspectors must also confirm Iran is complying with the deal.

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