Tehran, Seoul Energy Centers Sign MoU

Tehran, Seoul Energy Centers Sign MoUTehran, Seoul Energy Centers Sign MoU

The Institute for International Energy Studies, a subsidiary of Iran’s Oil Ministry, and the Korea Energy Economic Institute have signed a memorandum of understanding on expanding bilateral energy cooperation.

According to Mehr News Agency, heads of IIES and KEEI, Seyyed Hossein Iranmanesh and Joo Heaon-park respectively, signed the MoU in Tehran.

The two Iranian and South Korean institutes plan to implement joint projects, hold training workshops and dispatch researchers in oil, gas, petrochemical and energy fields. Park said that as Iran plays a key role in the energy market, South Korean companies are interested in making investment in Iran’s energy industry and the East Asian country tries to establish closer ties with Iran after international sanctions against it were lifted in January.

Referring to South Korea’s 96% dependence on energy imports, the official noted that the country needs to diversify its energy sources and Iran plays an active role in this regard.

“South Korea has a high ability in transferring technology and good experience in upstream industries. It is currently one of the exporters of technical and engineering services,” Park said, adding that the country intends to provide Iran with its experiences and to invest in Iran’s energy projects.

Park pointed to the two institutes’ responsibility for developing energy strategies of their countries and said they can devise a roadmap for Iran-South Korea energy cooperation.

South Korea plans to increase the import of Iranian oil, especially condensate, this year to meet its growing demand.

"We will increase oil and natural gas imports from Iran, especially Iranian condensate," South Korea's trade and energy ministry Joo Hyunghwan said last week.

In January, the country’s monthly oil import from Iran witnessed a triple growth.

Iran is exporting 100,000 barrels of oil a day to South Korea, one of its main crude customers and hopes to double that figure by the end of 2016, Iran’s Oil Minister Bijan Zanganeh announced.