Iran and South Korea are planning to triple their annual trade volume to $18 billion, Iran’s President Hassan Rouhani announced recently following the meeting with his South Korean counterpart Park Geun-Hye.
The two sides de
Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency.
South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January.
The world's fifth largest importer of
Iran and South Korea have announced the signing of three agreements worth about $1.6 billion, towards setting up of a steel mill, power plant, and a desalination facility in Iran, during Iran-Korea Business Forum in Tehran, said a report.
A senior official from South Korea recently visited the UAE’s Jebel Ali Free Zone (Jafza), the flagship free zone of Dubai, to develop bilateral relations and contribute towards increasing the volume of trade between the two countries.
Iran is in talks with a South Korean company for the development of Isfahan Refinery, a top official said.
"We are in negotiations with the refinery's managers and the project will be undertaken once it is approved,"
Iran has finalised a deal with South Korea to launch a joint shipbuilding venture between the two countries, a report said.
Iran has a sprawling shipbuilding industry, chiefly devoted to constructing oil tankers and container ship
South Korean exports fell for an 11th straight month in November, while foreign orders shrank at a sharper pace, pointing to a further deterioration in global demand and prompting some analysts to call for more interest rate cuts.
South Korea on Thursday became the first country outside the United States to punish Volkswagen AG on the basis of its own emissions tests, slapping the German automaker with a record fine and ordering a recall of 125,522 vehicles.