Tehran, Seoul Pen MoU on Gas Cooperation

Iran and South Korea inked a memorandum of understanding (MoU) in a bid to boost cooperation between the two countries mainly in the areas of gas trade and LNG (Liquefied Natural Gas) exports following the removal of anti-Tehran sanctions.

LNG exports, gas market cooperation and transfer of experience in the field of gas trade were the main topics of the letter of understanding signed between the National Iranian Gas Exports Company (NIGEC) and South Korea’s Gas Corporation (KOGAS) on Monday, Platts reported.

The agreement was signed during an ongoing visit by the East Asian country’s President Park Geun-hye to Iran.

According to Iranian officials, Seoul currently buys 400,000 b/d of crude oil and gas condensates from Iran.

Separately, KOGAS also signed a cooperation accord with the National Iranian Gas Company (NIGC).

“We are ready to have a good cooperation with Iranian companies in different fields including LNG, installation of national gas grids and transfer of technology,” Seung-Hoon Lee, an official with the natural gas company, said.

Iran and South Korea on Monday signed 19 memorandums of understanding at a high-profile ceremony in Tehran, attended by the two countries’ presidents.

Cabinet ministers and senior officials from the two countries signed the documents as part of efforts to boost the relations between Tehran and Seoul.

The deals are meant to boost bilateral collaborations in a range of fields, from maritime transportation to cultural and academic issues.

Heading a big delegation of Korean ministers, top officials and business people, South Korean President Park Geun arrived in Tehran on Sunday for a three-day official trip, marking the first such trip since the two countries established diplomatic ties in 1962.

(Source: Tasnim, under Creative Commons licence)

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