admin May 4, 2016

Iranian and South Korean officials may discuss a postponed contract on purchasing a cargo ship during President Park Geun-hye’s official visit to Tehran.

An informed source told Fars news agency that Tehran had agreed a contract on purchasing a ship from South Korea in 2011 but Seoul postponed the contract due to the US imposed sanctions.

Although Tehran had made $200 million in initial payment, Seoul turned down the agreement as a result of the US imposed sanctions on Iran, the report added. Since then Seoul neither refunded the payment nor handed over the vessel to Iran, Fars said.

On May 1, South Korean President Park Geun-hye heading a large business delegation arrived in Tehran on a three-day official visit. Iran-South Korea trade turnover stood at $6.1 billion in 2015. The figure was $17.4 billion in 2011.

Nuclear related sanctions on Iran were lifted in January following the implementation of the Joint Comprehensive Plan of Action (JCPOA).

Source: Trend News Agency