Media: Iran to re-open petrochemical bureau in Korea

According to a media report, Iran is planning to resume operation at its petrochemical office based in Soul, Korea, within weeks. The decision was announced after Iran and South Korea singed an agreement to double the amount of oil sales and exports after the elimination of banking and financial sanctions.

Managing Director of Iran's Petrochemical Commercial Company (IPCC), Mr Mehdi Sharifi Niknafas was quoted saying that, “South Korea is one of Iran’s strategic buyers in Asia, however, export of petrochemical products to this country must be done with caution in order to maintain market in China.”

Iran is working to ramp up its petrochemical industry after the Western sanctions were lifted. With the recently signed bilateral trade agreements, Iran is hoping to attract more foreign investment, participation in construction of new petrochemical complexes as well as transfer of technology.

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