A senior Iranian petrochemical official said South Korean officials have indicated Seoul's willingness to return to Iran's petrochemical industry, saying a proposal has been made to them to produce parts for Iranian petrochemical plants.
Following a visit to Iran by a high-profile Korean trade delegation, Mohammad Hassan Peyvandi, deputy head of National Petrochemical Company (NPC), said Iranian manufacturers have shown a strong performance ever since Western restrictions were imposed on the country, Shana reported.
"The capabilities of Iranian manufacturers and vendors have improved a lot during the past decade and we have proposed that Korean companies manufacture parts in cooperation with Iranian industrialists," he said.
Pointing to a Sunday meeting between South Korean Minister of Land, Infrastructure and Transport Yoo il-Ho and Iranian Oil Minister Bijan Namdar Zanganeh in Tehran, he said, "Korea, like other Asian and European countries, has indicated its readiness to return to Iran's oil, gas and petrochemical market."
Prior to the imposition of US-led sanctions on Iran, Korean companies were involved in various engineering and equipment manufacturing sectors in the petrochemical industry of Iran, he further said.
"Certainly, the potentials of foreign investment in Iran will be activated with the removal of the sanctions," he added.