Iran, S Korea design mechanism for oil payments

Tehran, Dec 1, IRNA – A mechanism has been set up for paying the price of Iranian oil exported to South Korea, the head of the Iran-South Korea Joint Chamber of Commerce told the Islamic Republic News Agency (IRNA) on Saturday.

'According to the plan, goods will be given to Iranian importers and their price will be subtracted from the price of the oil exported to South Korea, and the importers will pay the price of the goods to the Iranian government,' said Hossein Tanhaee.

If the central banks of the two countries cannot do transactions, the private sectors can barter in the framework of a joint fund, said Tanhaee.

Iran's exports to South Korea mostly consist of crude oil and petrochemical products and its imports include household appliances, he said.

But the inventory can be more varied; Iran can export food, lead, and zinc, and import paper and cosmetics in return, he added.