Korea strengthens energy relations with Iran

Feb 05, 2001 01:00 AM

South Korea took steps towards strengthening energy relations with Iran, according to a statement released by the Ministry of Commerce, Industry and Energy,. The ministry said South Korea's Energy Minister, Shin Kook-Hwan, met with Iran's Minister of Petroleum, Bijan Namdar Zangeneh, to discuss the development of ties between the two countries' energy and oil sectors. Shin was also scheduled to meet with Iranian President Mohammed Khatami and Zangeneh, with whom he was expected to sign a memorandum of understanding on oil cooperation, Iranian oil ministry sources said.
An informed source said the memorandum would contain several points, including one that Iran will secure stable supplies of Iranian crude for South Korea. In return, South Korea will promote upstream development in Iran. The two countries also plan to cooperate on joint upstream projects, including exploration, development, transportation and construction, as well as establishing joint companies to implement these projects.

A Korea-Iran Joint Committee for Energy and Petroleum Cooperation will be set up immediately to implement the projects. The committee will meet annually and alternately in South Korea and Iran. Shin also asked Iranian officials for consideration of South Korean companies' bids for major plant construction projects in Iran, which are worth about $ 5.5 bn, according to the South Korea energy ministry.
South Korea's energy ministry said officials in Iran responded positively to Shin's request and said they would evaluate bids from South Korean companies. Iran's South Pars gas field is one of the projects in which Shin hopes South Korean companies will successfully participate, the South Korean ministry said.

Source: Energy24
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