Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said that it has signed an agreement with an Iranian state-run agency to cooperate in the development of a shipyard there.
Under the deal with the Industrial Development and Renovation Organization of Iran, Daewoo Shipbuilding will work to develop a shipyard and related facilities in the Middle Eastern country.
According to the South Korean shipyard, 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 US$1.65 billion worth of orders to build a total of 38 ships from Iran's state-run shipping firms, such as National Iranian Tanker Co.
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