South Korea President Plans to Visit Iran

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South Korea’s President Park Geun-hye is considering a visit to Iran due to the recent lifting of international sanctions, local media reported Wednesday.

According to the Yonhap news agency, citing Presidential spokesman Jeong Yeon-guk, the exact date of the president’s visit remains unknown

Park, if the visit takes place, would be the first South Korean president visiting Tehran.

South Korea aims to restore economic ties with Iran, which disposes of large reserves of oil and gas.

Oil import from Iran to South Korea in 2005-2008 stood at 76 million barrels per year. In 2010, it dropped to 62 million. Now, however, South Korean experts expect, the import of oil can be increased by 10 million barrels per day.

On January 16, the International Atomic Energy Agency verified Tehran’s compliance with the Joint Comprehensive Plan of Action (JCPOA), opening the way for Iran’s return to the global oil market. The same day, the United States and the European Union announced that they were lifting their sanctions against Iran.

 

 

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