Azernews.Az

By Nigar Abbasova

Iran’s Industrial Development and Renovation Organization (IDRO) and South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Company (DSME) signed a MoU on the cooperation in the sphere of shipbuilding.

The document envisages cooperation in the development of Iran’s shipbuilding industry, as well as in complete overhaul of the ships.

Besides, the document stipulates establishment of a joint venture. IDRO is expected to provide financial resources, as well as primary materials and equipment for the JV.

Daewoo earlier signed a business agreement on operation and technology instruction for Iranian state-run shipbuilder Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO). Under the deal, the Korean company will transfer technology and conduct consignment management on the Iranian shipbuilder.

Iranian Shipping Lines (IRISL) previously finalized a contract with another South Korean shipbuilding giant Hyundai Heavy Industries Company to buy 10 ships worth $650 million and develop technical cooperation on shipbuilding. The contract became the first one to purchase ships from South Korea after the implementation of the nuclear deal and lifting of sanctions.

Following the lifting of international sanctions Iran spared no efforts to develop a series of grand projects in partnership with major shipbuilders. The country has been seeking to cooperate with South Korean shipbuilders to modernize its aging dockyards.

Iran possesses a developed shipbuilding industry, chiefly devoted to constructing of oil tankers and container ships as well as offshore structures.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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