Iran's IDRO, Hyundai Sign Oil, Gas Cooperation Deal

Industrial Development and Renovation Organization of Iran (IDRO) and South Korean conglomerate Hyundai have signed a deal for joint investment and implementation of oil and gas projects, according to Iran’s energy information agency Shana.

The deal has been signed following the visit of South Korean president to Tehran in May.

Iran and South Korea signed about 44 memoranda of understanding (MOU) during the historic visit of president Park Geun-hye's visit in May 1-3 to Tehran, including deals on pipelines, LNG, power and petrochemicals.

LNG exports, gas market cooperation and transfer of experience in the field of gas trade were the main topics of the letter of understanding signed between the National Iranian Gas Exports Company and South Korea’s Kogas.

Kogas signed a MOU with the National Iranian Oil Company (NIOC), the National Iranian Gas Company (NIGC) and the National Iranian Gas Export Company (Nigec) for comprehensive and strategic cooperation in the natural gas industry sector.

The three will jointly consider developing new gas fields, onshore liquefaction plants and floating LNG (FLNG) terminals in Iran and constructing gas pipes. They will also establish a close partnership for global marketing of LNG.