South Korean officials visit Iran to seek post-sanction deals

South Korean deputy trade minister Woo Tae-hee among delegation set to visit Islamic nation on Sunday and Monday.

By REUTERS
August 23, 2015 05:24
1 minute read.
Woo Tae-Hee

South Korean deputy trade minister Woo Tae-Hee. (photo credit: JUNG YEON-JE/AFP)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

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.

Be the first to know - Join our Facebook page.


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

South Korean deputy trade minister Woo Tae-hee visits the Islamic nation on Sunday and Monday, accompanied by officials of his ministry and state-run oil, gas and resources firms, the ministry of trade, industry and energy said on Sunday.

"We plan to highlight the capability of our firms for major projects with which the Iranian government seeks to rebuild infrastructure, diversify industries and develop energy fields in the post-sanctions era," the ministry said in a statement.

Woo will also visit Qatar on August 25, it added.

South Korean minister of Land, Infrastructure and Transport Yoo Il-ho is also visiting Iran, as well as Algeria and Malta, from August 21 to 29, the ministry has said.



Officials of public and private companies are accompanying the minister to Iran, once the sixth largest market in terms of orders won by South Korean builders before Seoul joined international sanctions on Tehran, the statement added.

"The delegation will discuss possible deals and continue talks in the second half of this year, as we need to prepare for actual business deals to be made next year," a source at South Korea's energy ministry told Reuters by telephone.

OPEC member Iran has the world's largest gas reserves and is fourth on the global list of top oil reserves holders. It outlined plans last month to rebuild key industries and trade relations following the nuclear agreement.

Related Content

F35 Adir fighter jet
August 14, 2018
No stealth jets for Turkey as Trump signs defense policy blocking sale

By ANNA AHRONHEIM