Iranian official says oil-for-goods deal planned with South Korea

FILE PHOTO: Gas flares from an oil production platform at the Soroush oilfields in the Persian Gulf, south of the Iranian capital Tehran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo

DUBAI (Reuters) - Iran and South Korea are working to set up a mechanism to barter South Korean goods for Iranian oil exports, an Iranian trade official was quoted as saying by the state news agency IRNA on Saturday, as Tehran seeks ways to sidestep U.S. sanctions.

"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, head of the Iran-South Korea Chamber of Commerce, IRNA reported.