(MENAFN) As sanctions are about to be lifted off Iran, South Korea is planning to increase its imports of crude oil, which is by far down 11 percent from a year ago.
Korean firms used to trade with Iran for a certain amount before, therefore once the trade is normalized at the company level, there could be room for improvement.
Before the sanctions, South Korea purchased 180,000 barrels per day of oil from Iran. This figure is currently a little more than 100,000 barrels, according to reports.
The state-owned Korea National Oil Corp stressed on the fact that the two countries can cooperate on crude oil recovery and investment in petrochemical projects.
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