The Industrial Development and Renovation Organization of Iran (IDRO), a conglomerate active throughout Iran’s economy, and South Korea’s Hyundai Motor have signed a cooperation agreement.
Masoud Golshenas, an official with IDRO, said the Iranian conglomerate and Hyundai Motor inked the cooperation document after holding intensive talks.
He added that the two companies will implement joint oil and gas projects under the terms of the deal in the near future, Shana reported on Sunday.
Back in May, Iran and South Korea inked 19 memorandums of understanding at a high-profile ceremony in Tehran, attended by the two countries’ presidents.
Cabinet ministers and senior officials from the two countries signed the documents as part of efforts to boost the relations between Tehran and Seoul.
The deals are meant to boost bilateral collaborations in a range of fields, from maritime transportation to cultural and academic issues.
The MoUs were on cooperation in the oil, gas and petrochemical industry, management of water resources, technological interaction, medical fields and banking ties, among others.
(Source: Tasnim, under Creative Commons licence)