The world’s fifth-largest crude importer won a six-month waiver in November from U.S. sanctions on Tehran’s oil exports, but did not immediately start imports, mainly due to payment and insurance issues.
Tehran has been able to establish financial channels with regional countries to pay its exports in their national currencies in a bid to unblock the flow of export money to the country.
South Korea’s Daewoo Shipbuilding and Marine Engineering Company (DSME) – the world’s second biggest shipbuilding companies – has announced a major deal to develop an construction yard in Iran.
The Islamic Republic of Iran Shipping Lines (IRISL) and South Korea’s Hyundai Heavy Industries Co. are expected to sign a major contract whereby Iran will buy ten ships from the major South Korean shipbuilding company.
Iran’s Trade Promotion Organization and Korean Trade-Investment Promotion Agency have agreed to establish Tehran and Seoul joint trade desk.
Fresh indications show a main barrier for trade between Iran and South Korea will be removed soon.
South Korean companies will soon be able to settle their accounts with their Iranian counterparts in euros.
Iranian and South Korean officials are scheduled to meet soon to discuss terms of a joint fish farming venture agreement between the two countries.