Tag Archives | South Korea

Iran, South Korea in €720m Rail Deal

Iran Rail Industries Development Company (IRICO) and South Korea’s Hyundai Rotem have signed a contract to jointly manufacture diesel rail-cars for public transport in suburban Tehran. The €720-million contract was signed during a ceremony in the Iranian capital, Tehran, attended by Iran’s Minister of Roads and Urban Development Abbas Akhoundi. Hyundai Rotem will produce 150 cars […]

S. Korean Retailer opens Tehran Convenience Store

By John Lee. The operator of South Korea’s largest convenience store chain has reportedly opened its first store in Iran. BGF Retail, which runs the CU chain, opened the store in Tehran in partnership with Iranian firm Entekhab Investment Development Group. (Source: Yonhap)

Iranian Banks Slowly Reconnect to the World

By Bijan Khajehpour, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A recent string of “financing agreements” that various governments and international banks have signed with Iran indicates that Tehran is finding solutions to leave behind the bottlenecks in financing its international projects. The question […]

New Ships Reduce Average Age of Iran’s Fleet

The ten container ships Iran has purchased from South Korea will pull down the average age of the country’s fleet of cargo ships by four years, an official announced. CEO of the Islamic Republic of Iran Shipping Lines (IRISL) Mohammad Saeedi said Iran will take delivery of the first South Korean container ship in the […]

Tehran, Seoul Discuss Enhanced Energy Cooperation

Iran and South Korea engaged in talks on energy cooperation and trade in areas like liquefied natural gas (LNG), crude oil sale and financing oil and gas projects. Following a meeting with visiting South Korean Minister of Land, Infrastructure and Transport (MOLIT) Kim Hyun-mee in Tehran on Tuesday, Iranian Minister of Petroleum Bijan Zangeneh said […]

Korean Firm to Sell Navigational Aid Systems in Iran

By John Lee. Korea Airports Corporation (KAC) has reportedly signed an agency contract with Iran’s Tolid Malzomat Bargh (TMB) to have the company sell its navigational aid systems in Iran. According to Yonhap, TMB will sell its instrument landing system (ILS) and portable ILS/VOR Field Test Set (FTS), also known as a signal analyzer. (Source: […]

Tehran Chamber of Commerce opens London Office

An office of the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) has been opened in London to attract foreign investment in the Islamic Republic. Speaking at the inauguration of the office, the head of the TCCIMA, Masoud Khansari, said following the 2015 nuclear deal between Tehran and six world powers, also known as […]

Petrobras may Explore in Caspian Sea

Brazil has expressed an interest in looking for hydrocarbon reserves in the Iranian share of the Caspian Sea. This was announced by Brazil’s Ambassador to Tehran Rodrigo de Azeredo Santos in a meeting with Yousef Etemadi, the acting managing director of Iran’s Khazar Exploration and Production Company (KEPCO). Santos emphasized that Brazil’s Petrobras was ready […]

China, Iraq are Iran’s Biggest Non-Oil Customers

By John Lee. Iran’s Trade Promotion Organization (TPOI) has issued data showing that five countries — China, Iraq, UAE, South Korea and India — accounted for 68.7 percent of Iran’s total non-oil exports in the first five months of the current Iranian fiscal year (March 20-Aug. 22). Total non-oil exports (including gas condensate) fell 5 percent […]

Iran’s Crude Exports to S Korea Rise by 40% in August

South Korea’s imports of Iranian crude oil rose by 40.2 percent in August compared to the same period last year, a report said. South Korea brought in 1.55 million tons of Iranian crude last month, or 365,641 barrels per day (bpd), compared with 1.1 million tons in the same month in 2016, customs data showed, […]

Iran’s Condensate Exports Rise 18 Percent

There has been an increase of 18 percent in exports of Iran’s condensate to global markets, the ultra light fuel, over a period of five months starting 21 March 2017. Masoud Hassani, the managing director of South Pars Gas Complex (SPGC), which is responsible for the bulk of Iran’s condensate production and exports, said that […]

Brazil’s Ambassador meets with BIM Boss

Brazil’s ambassador to Iran, Rodrigo de Azeredo Santos, has met with Ali Ashraf Afkhami, Chairman of the Bank of Industry and Mines (BIM). In the meeting Afkhami explained the success of the Bank in the financing of infrastructure development projects such as steel, cement, railways, power stations and petrochemical plants, and talked about the launch […]

12 Banks in Iran-Korea €8-bn Finance Contract

The Managing Director of the Export Development Bank of Iran (EDBI) has said that 12 banks are “agent banks” in the €8-billion Iran-South Korea finance contract. According to the contract signed with the efforts of the Ministry of Economy, the Central Bank, the Organization of Investment, Economic and Technical Assistance of Iran (OIETAI), and 12 […]

Korean Firm signs Deal with Iranian Pharma

Korea’s Dong-A ST has reeportedly reached a technology transfer agreement with Iranian pharmaceutical firm Rooyan Darou. Under the agreement, Dong-A ST will immediately share its production technology of two therapies — growth hormone injection Growtropin and leukopenia therapy Leucostim — with the Tehran-based company. Rooyan Darou will also be granted a license to make and […]

SKEC to Upgrade Tabriz Refinery

South Korea’s SK Engineering and Construction Co. (SKEC) signed a heads of agreement on Saturday for a 1.6 billion euro upgrade of the Tabriz refinery in northwest Iran. South Korean National Assembly Speaker Chung Sye-kyun, who was in Tehran to attend President Hassan Rouhani’s swearing-in, oversaw the signing between SKEC, Tabriz Oil Refining Company and […]

Iran Khodro signs Deal with Hyundai

The CEO of Iran Khodro Diesel (IKD) has announced that his company has restarted cooperation with Hyundai of South Korea. Aliraza Sajedi said: “As one of the oldest partners of Hyundai Company in commercial vehicles, Iran Khodro Diesel Company is going to produce Hyundai’s latest vehicles for Iran’s market. “As always, cooperation with prominent carmakers […]

Korea Focusing on Small, Mid-sized Businesses in Iran

One of South Korea’s main trade strategies is to grow links with the Iran’s small and midsize businesses in order to minimize the adverse impacts of any severance of trade interaction between a few major companies, South Korean ambassador to Tehran said. Seoul is seeking to promote cooperation among Korean and Iranian small and midsize […]

South Korean Retailer to Open in Iran

By John Lee. BGF Retail, the operator of South Korea’s largest convenience store chain CU, has reportedly signed a franchise deal with an Iranian company. According to Yonhap, the deal with home appliances firm Entekhab Investment Development Group is the first overseas expansion for the Korean company. (Sources: Yonhap, PressTV)

Iran Welcomes S. Korean Investments in Energy, Railroad

Iranian Parliament Speaker Ali Larijani reiterated the country’s willingness to promote relations with South Korea in all spheres, saying the Islamic Republic welcomes investments from the East Asian nation in energy and railroad sectors. Speaking at a meeting with his South Korean counterpart on the sidelines of the second annual meeting of parliament speakers of […]

Iran to Enhance Tourism Ties with East Asians

Iran is going to hold talks with Japan, South Korea and China to facilitate tourism, a vice president said. The country is contemplating easing visa restrictions for tourist trips to Japan, South Korea, and China, Head of Iran’s Cultural Heritage, Handicrafts and Tourism Organization Zahra Ahmadipour told Tasnim. Delegations from the three countries are scheduled […]