Trade ministry in Seoul said Thursday that South Korea will extend financial support for companies affected by reimposed sanctions on Iran and explore business opportunities in alternative markets to minimize fallouts to the local economy. The Ministry of Trade, Industry and Energy convened a meeting with trade promotion agencies and banks, as well as local […]
Trade ministry in Seoul said Thursday that South Korea will extend financial support for companies affected by reimposed sanctions on Iran and explore business opportunities in alternative markets to minimize fallouts to the local economy.
The Ministry of Trade, Industry and Energy convened a meeting with trade promotion agencies and banks, as well as local refiners, automakers and construction companies doing business in Iran to discuss various support options available, Yonhap news agency reported.
The ministry said it has held two consultations with the US government to get exemptions on Iranian crude imports and will continue the efforts before the energy sanctions go into force in November. Seoul received a waiver during previous sanctions on Tehran.
The Korea Trade Promotion Agency will send business delegations to the Middle East, including the United Arab Emirates and Saudi Arabia, later this year to seek new business opportunities in energy, infrastructure and other areas.
South Korea imported 147 million barrels of oil from the Islamic Republic of Iran in 2017.
