Tehran, Seoul to Sign 15 Energy MoUs

Tehran, Seoul to Sign 15 Energy MoUsTehran, Seoul to Sign 15 Energy MoUs

Tehran and Seoul will sign 15 memoranda of understanding in water and electricity sectors during the visit of South Korean President Park Geun-hye to Tehran.

Energy Minister Hamid Chitchian made the statement on the sidelines of a meeting with South Korean Minister of Land, Infrastructure, Transport and Tourism Kang Hoin in Tehran on Saturday, IRNA reported.

"Nine MoUs will be signed in the water sector and six in the power sector," Chitchian said.

The agreements include upgrading Iran's power grid, construction of Karoun-2 and Bakhtiari hydroelectric dams, as well as three power plants. Park is scheduled to arrive in Tehran on Sunday at the head of a large business delegation.

"There is a huge market before Korean companies. We hope they will be ready for transfer of technology and cooperation with Iranian firms," Chitchian added.

Kang also said South Korean firms are interested in bankrolling Iran's energy projects, particularly in the field of power production.