Iran and South Korea have signed several agreements in the field of energy on 1 May 2016, including one relating to the development of the Balal gas field, in the Persian Gulf, by South Korean’s company Korean Gas Corporation (KOGAS). The Memorandum of Understanding (MoU) signed by the two countries includes the possibility of using the gas from the field to produce LNG.
Other agreements have been signed between the National Iranian Oil Company (NIOC) and the National Iran Gas Exports Company (NIGEC) and KOGAS over the production of LNG and over the provision of engineering services for the construction of Iran Gas Trunk-Line 7 (IGAT 7) and Iran Gas Trunk-Line 9 (IGAT 9) gas pipelines. IGAT 7 is planned to take natural gas from the energy hub of Assaluyeh in southern Iran to the southeastern province of Hormozgan and Kerman as well as the southeastern province of Sistan-Baluchestan. IGAT 9 is planned to take the gas from Assaluyeh to Iran’s border with Turkey in the northeast for future exports to Europe.