South Korea is preparing to launch its Korea Space Launch Vehicle-1 (KSLV-1), also known as Naro, on Wednesday, South Korea's Yonhap News Agency reported.

The launch will be South Korea's third attempt to send Naro into space after two failed attempts in August 2009 and June 2010.

According to Yonhap, a final launch simulation of the KSLV-1 ended with no apparent problems Tuesday, one day ahead of the planned blastoff from the country's space center on the south coast, launch organizers said.

The KSLV-1 is a two-stage rocket. The first stage of Naro has a 170-ton thrust and was built by Russia's Khrunichev State Research and Production Space Center, as South Korea currently lacks the related technology.

It is tentatively scheduled to lift off at 4 pm Wednesday from the Naro Space Center. The exact time of the launch is expected to be announced about two hours prior to the rocket launch.

The report said Tuesday's dry rehearsal yielded no apparent problems that might force yet another delay of the rocket launch.

Still, it will take several more hours to analyze the outcome of the rehearsal and decide whether the launch will take place as scheduled, officials from Korea Aerospace Research Institute said.

Naro's third launch was originally set to take place on October 26, 2012, and again on November 29, 2012, but was delayed both times due to technical problems.

Regardless of the success or failure of Wednesday's launch, it will mark the last launch under the Naro space program that began in 2002 jointly with Russia due to South Korea's lack of related technologies, said Yonhap.

However, Seoul is already moving to develop an indigenous 75-ton thrust engine, which will be used in a group of four to create a 300-ton thrust engine that is scheduled to be launched in 2021.

If successful, the launch will make South Korea the 13th nation to put a rocket into space from its own territory.