South Korean companies to produce petrochemical equipment in Iran

As South Korean companies are seeking to return to the Iranian petrochemical market, Iran has offered the opportunity of joint work with domestic producers.

“We suggested to South Korean companies to produce equipment in cooperation with Iranian producers,” CEO of the National Iranian Petrochemical Company Mohammad Hassan Peyvandi said, SHANA news agency reported August 23.

Today South Koran officials said they were ready to have a share in the Iranian market, he added, pointing to a meeting earlier the day between South Korean Minister of Land, Infrastructure and Transport Yoo il-Ho and Iranian Minister of Oil Bijan Zanganeh.

Iran was South Korea’s sixth largest partner for sales of industrial products before 2011 when sanctions reduced bilateral trade.

South Korea has established a special support center for businesses to enter the Iranian market in its effort to revive full economic relations with Tehran.

Zanganeh said recently Iran expects to double its oil exports to South Korea whenever sanctions are lifted.

Tehran currently exports about 100,000 barrels of crude to South Korea per day.

/By Trend/