Daewoo Shipbuilding to construct shipyard in Iranby Jochebed Menon on Dec 29, 2016
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Company has signed an agreement with an Iranian firm to cooperate in the development of a shipyard.
Under the deal with the Industrial Development and Renovation Organisation of Iran, Daewoo Shipbuilding will work on constructing a shipyard and related facilities in Iran, according to Yonhap News Agency.
The shipyard said that the Iranian side wants financing from the South Korean government, and shipbuilding-related technology, and operation know-how from Daewoo Shipbuilding.
Daewoo Shipbuilding said the deal will help it make inroads into Iran's shipbuilding market, and export related equipment.
Since 1983, Daewoo Shipbuilding secured a combined $1.65bn worth of orders to build a total of 38 ships from Iran's state-run shipping firms, such as National Iranian Tanker Co.