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South Korean President Park to make state visit to Iran in May

Published 2016-04-18, 04:13 a/m
South Korean President Park to make state visit to Iran in May
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009540
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SEOUL, April 18 (Reuters) - South Korean President Park
Geun-hye will make a state visit to Iran from May 1 to 3 to meet
President Hassan Rouhani and initiate discussions with Iran on a
wide range of areas including energy and engineering, her office
said on Monday.
Park's visit will be the first by a South Korean leader
since the two countries established diplomatic relations in 1962
and her office said it hoped the visit would help deepen ties
after sanctions on Iran were lifted.
South Korea, the world's fifth-largest crude importer, is
one of the largest buyers of Iranian oil. Its import of Iranian
crude surged 81 percent in March from the same month a year
earlier, after sanctions were lifted.
South Korea said it planned to increase imports of Iranian
oil this year to meet growing demand, especially of condensate,
a super light oil that can be processed into fuels and
petrochemicals.
Iran on Jan. 17 emerged from years of economic isolation as
sanctions over its disputed nuclear programme were lifted.
South Korea hopes its engineering and ship-building
industries can benefit from Iran's return to markets after the
sanctions were lifted. Its ship builders, along with Chinese
yards, hope to be in line for huge orders as Iran modernises its
ageing fleet of super tankers, which is the world's largest.
Most South Korean ship builders, including Hyundai Heavy
Industries 009540.KS and Samsung (KS:005930) Heavy Industries are likely
to bid for new contracts, according to shipping sources.
South Korean companies also hope to help modernize Iran's
ailing infrastructure, from refineries, roads to the
telecommunication sector as well as enter the market to supply
goods ranging from smartphones, to televisions to automobiles.

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