South Korea, Iran eye oil and gas deals

South Korea, Iran eye oil and gas deals

South Korea and Iran signed off on more than a dozen proposals, including those tied to oil and gas, as Iran's president touts the value of foreign investments, UPI reports.

Iranian Oil Minister Bijan Zangeneh met on Monday in Tehran with his South Korean counterparts to sign a memorandum of understanding on enhanced cooperation in the oil and gas sector. The signing came as South Korean President Park Geun-Hye met during the weekend with Iranian President Hassan Rouhani.

Iran's president said the visit shows his country is open for business as sanctions pressures ease in response to last year's nuclear agreement brokered with the five permanent members of the U.N. Security Council, plus Germany.

Among the proposals signed in Tehran were consideration for cross-country natural gas pipeline projects. Apart from oil, Iran holds some of the largest natural gas deposits in the world in the offshore South Pars complex.