Iran, S. Korea sign natural gas deal

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Iranian broadcaster IRINN reports that Iran and a South Korean company have signed a cooperation agreement worth more than 1.8 billion US dollars to refine natural gas.

The report says the state-owned Pars Gas and Oil Company and South Korea's GS company signed the deal on Monday.

Pars Gas and Oil director Ali Vakili says they wanted the Iranians to have a majority share.

The project, scheduled for completion in four years, will refine natural gas for Iran's domestic consumption.

Iran has the world's second biggest natural gas reserves. But the country routinely struggles with shortages during winter as it lacks capture and distribution facilities.