Iran and S. Korea recently struck a deal in which South Korea's KOGAS will conduct technical studies and develop Iran’s Balal natural gas field in the Persian Gulf.
The deal was made during a state visit by South Korean President Park Geun-hye and a 230-person delegation of S. Korean executives and other business leaders in Tehran, where they met with Iranian President Hassan Rouhani, with whom she signed 19 cooperation documents on a range of topics, including the Balal gas-field development deal.
The deal builds on a previous agreement between KOGAS and the that addressed producing and marketing liquid natural gas and a transfer of KOGAS’ experiences in that field.
National Iranian Oil Company (NIOC) Managing Director Rokneddin Javadi said the next step will be a presentation of proposals by KOGAS on the development of the gas field, which will include the possibility of using gas garnered from the Balal project to produce liquid natural gas.
Alerts Sign-up