S. Korea aspires for mega ventures in Iran

(MENAFN) South Korean firms' project to find numerous business opportunities in Iran as the lifting of sanctions on the oil-rich nation could open up new investments to restore its injured economy.

Basically, what will happen for the Islamic republic is that the Western economic sanctions that have been in place for years will be removed, unlocking access to frozen assets and resuming energy exports.

Iran was one of the top trading partners for Korean firms before the sanctions, and as it plans to expand investment in infrastructure, several plant schemes are expected to be up for grabs for Korean companies.

"We have closely monitored the situation as it was widely expected the Iranian sanctions were soon to be lifted, hence we project intensified mutual business in the near future," said an official at a refiner in Seoul.