Tag Archives | Korea

Korean SMEs “Go Bankrupt” Due to Sanctions on Iran

The chairman of Iran-South Korea Joint Chamber of Commerce said following last year’s move by the US to renew sanctions against the Islamic Republic, some Korean companies went bankrupt. Speaking to Tasnim, Hossein Tanhayee pointed to the 70 percent fall in bilateral trade between Iran and South Korea after the re-imposition of the US sanctions […]

No Halt in South Korea Oil Purchase from Iran

The South Korean Embassy in Tehran announced on Saturday the country’s purchase of crude oil and gas condensate from Iran was continuing unhalted. Loading of tankers with Iranian oil and gas condensate and oil purchase from Iran to South Korea is still continuing, said the embassy in a message on Saturday, July 7, 2018. South […]

Hyundai to Deliver 10 Ships to Iran in 2018

South Korea’s HHI to Deliver 10 Commercial Ships to Iran in 2018: Official South Korea’s Hyundai Heavy Industries (HHI) will deliver 10 commercial ships to Iran next year, an Iranian official said. Chairman of the Islamic Republic of Iran Shipping (IRISL) Mohammad Saeedi said that four of the vessels will be container ships with a […]

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)

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 […]

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, […]

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 […]

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, S. Korea Seal LNG Deal

Iran and South Korea have signed a technological cooperation agreement to for jointly developing small liquefied natural gas units. The 4-year deal concerns developing the technical savvy needed for construction of ISO containers for LNG units by consotriums from Iran and S. Korea, said Saeid Pakseresht, director of research and technology at the National Iranian […]

Daewoo to set up Iranian Shipbuilding Company

By John Lee. The Industrial Development and Renovation Organization of Iran (IDRO) and Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME) have signed Heads of Agreement (HoA) to set up a Joint Venture to develop an Iranian shipyard. The Iranian government has said it will strongly support this business cooperation, and requests the Korean Government […]

Iran, Oman, IOCs study Gas Exports

By John Lee. Platts reports that senior officials from the National Iranian Gas Exports Company (NIGEC) have met with Oman’s oil ministry and three international oil companies — Shell, Total and Korea Gas Corporation (KOGAS) — to look at the potential to pipe gas from Iran to Oman. They held a two-day meeting in Tehran […]

Foreign Investors Bid for Iran LNG Project

The Managing Director of the National Iranian Gas Export Company (NIGEC) has said that foreign companies are ready to enter venture projects with Iran for LNG production. Ali-Reza Kameli said technical assessment of the LNG project of Iran will be completed in about three months. He said under the project the factory for liquidification of […]

Japan, S. Korea to Finance €520m in Petchem Projects

Iran’s Petrochemical Commercial Company International (PCCI) is in talks with investors from Japan and South Korea for an investment of €520 million in petrochemical projects in Iran in the form of usance letter of credits (LCs). Managing Director of PCCI, a subsidiary of Persian Gulf Petrochemical Industries Company (PGPIC), Isa Mashayekhi told Shana that his […]

Asian Firms to Help Renovate Iran’s Refineries

Iran has said it is working with Asian investors and builders to revamp several of its key refineries. Abbas Kazemi, the managing director of the National Iranian Oil Refining and Distribution Company (NIORDC), told the domestic media that an agreement has been signed with companies from South Korea to renovate the refineries in Isfahan and […]

KOGAS may build Iran-Oman Subsea Gas Pipeline

Tehran and Seoul are in talks over the possibility that the Korea Gas Corporation (KOGAS) may construct an undersea gas pipeline that would link Iran and Oman. According to a report carried by South Korea’s Pulse News on Wednesday, National Iranian Oil Company (NIOC) and National Iranian Gas Export Company (NIGEC) may sign a memorandum […]

Bank Mellat to Reopen Seoul Branch

Bank Mellat, Iran’s largest private lender, plans to reopen its branch in Seoul, South Korea, next month. The bank also expects to be reconnected with the SWIFT payment network. It is also claiming $4 billion from Britain’s Treasury for unlawful imposition of sanctions. (Source: EmergingMarkets)

Korean Firms Keen to Invest in Iran

The President of public think tank Korea Energy Economics Institute (KEEI) says Korean companies are eager to invest in Iran’s energy sector given the country’s role in energy markets. Park Joo-heon said there are many Korean elites who think Iran is key in energy sector and Seoul has been seeking to broaden its relations with […]

Russia Signs Deal to Build Oil Rigs

The Iran Shipbuilding and Offshore Industries Complex Company (ISOICO) has said that it has signed an agreement with Russian shipyard Krasnye Barrikady (Red Barricades) for oil rig construction and technology transfer. ISOICO Managing Director Hamid Rezaian said the agreement will allow his company to take advantage of the Russian firm’s facilities to produce certain equipment. […]