News ID: 3570060 -

Iran oil exports hit 1.7 mb/d

TEHRAN, Mar. 01 (MNA) – Iranian oil minister said on Monday that Iran's oil exports rose to 1.7 million barrels per day in February after elimination of sanctions.

Speaking to reporters on the sidelines of his meeting with South Korean Minister of Trade, Industry and Energy Joo Hyunghwan in Tehran, Zangeneh commented on Iran's oil export level after the Joint Comprehensive Plan of Action (JCPOA) saying "export of oil and gas condensates in February rose by 400,000 barrels per day compared to the same period the previous year."

"South Korea now imports 100,000 barrels of crude per day from Iran and it is hoped that the figure would double," he added.

On the most important pivot of talks between Iran and South Korea, Zangeneh noted "before sanctions, South Korea had much activity in Iran and the country's contracting companies were active in the oil and gas industries."

He went on to add that "there are ample grounds for mutual cooperation and South Korean companies have had extensive activities in Iran."

He laso highlited that South Korean officials had vowed to raise the amount of imports of crude oil and gas condensates from Iran to a level higher than the amount before sanctions and raise imports during 2016.

The minister said in talks with the South Korean party they had agreed that the South Korean party will embark on investment and financing projects; "investment in the LNG, petrochemical, refining and distribution industries has also been suggested to the South Korean companies."

"Iran regards South Korea as a major Asian partner and the country can be a good customer for Iran in the oil and even LNG sector," concluded Zanganeh.

 

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