South Korean Firms Rush to Secure Deals in Iran

Iran, since the lifting of economic sanctions earlier this year, has become an increasingly attractive market for South Korean heavy industry businesses, especially the construction and shipbuilding industries that have been targets of corporate restructuring in recent years, read an article published by South Korean newspaper Korea JoongAng Daily.

Financial Tribune – Iran, since the lifting of economic sanctions earlier this year, has become an increasingly attractive market for South Korean heavy industry businesses, especially the construction and shipbuilding industries that have been targets of corporate restructuring in recent years, read an article published by South Korean newspaper Korea JoongAng Daily.

Daelim, a South Korean construction company, signed orders worth more than 2 trillion won (1.66 billion) in Iran on Thursday, while Daewoo Shipbuilding and Marine Engineering entered a non-binding agreement to join a shipyard construction project there on Tuesday.

Earlier in the month, Hyundai Heavy Industries signed a 700 million deal with Islamic Republic of Iran Shipping Lines to build 10 vessels.

According to Daelim on Thursday, it signed a 2.3-trillion-won agreement with Iran’s Esfahan Oil Refining Company to renovate its oil refinery. The deal is the largest in Iran to date for a local construction company.The project aims to add new facilities at the oil refinery in Esfahan, about 400 kilometers south of the Iranian capital of Tehran, and enable the production of high-value-added products there.

 

Jan 1, 2017
Financial Tribune |