"Iran and South Korea have reached a 1.7-billion-dollar agreement on construction of Bakhtiari Dam in Southern Iran," Seyed Mohammad Reza Rezazadeh, advisor to Iran's energy minister, said on Monday.
Rezazadeh said Bakhtiari Dam formed one of the agreed plans with South Korea, adding that a finance deal worth $1.7 billion has been inked with Seoul over Bakhtiari Dam as final stages of coordination to finalize the project is being carried out between Central Bank of Iran (CBI) and South Korean banks.
In a relevant development in early January, Managing Director of Iran's Industrial Development and Renovation Organization Mansour Moazami said that IDRO and South Korea's Daewoo Company were planning to establish a joint shipbuilding Factory.
"We need to investment $37 billion for construction of the required vessels in the country by the year 2025," Moazami said.
He said that the joint shipbuilding company will be formed by the end of January.
"The Islamic Republic of Iran Shipping Line (IRISL) and National Iranian Tanker Company (NITC) will also partner in joint shipbuilding company," Moazami added.
Daewoo Company will also work to develop a shipyard and related facilities in Iran.
Jung Sung-leep as the CEO of Daewoo's Shipbuilding and Marine Engineering Company signed the document with Mansour Moazami who heads the Iranian organization.
The Yonhap report also said that the Iranian side wants South Korea to finance the project and urgently seeks to have relevant technology and operation know-how to be transferred to Iranian shipbuilding companies.
Daewoo Shipbuilding said the deal will help it make inroads into Iran's shipbuilding market, and export related equipment.
Since 1983, Daewoo Shipbuilding has 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.
