Tag Archives | South Korea

S. Korean Envoy Sees Bright Future for Iran’s Auto Industry

South Korea’s ambassador to Tehran dismissed the notion that Iran is just a suitable market for selling cars and auto parts, predicting a bright future for the Iranian automobile industry’s presence in global markets. Iran is not just a place for the sale of vehicles and automobile components, and will become a “serious rival” for […]

Daewoo to set up Iranian Shipbuilding Company

By John Lee. The Industrial Development and Renovation Organization of Iran (IDRO) and Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME) have signed Heads of Agreement (HoA) to set up a Joint Venture to develop an Iranian shipyard. The Iranian government has said it will strongly support this business cooperation, and requests the Korean Government […]

Iran in Talks with Japan to Optimize Oil Refining

Iran is finalizing negotiations with two major Japanese companies to improve the efficiency of Tehran’s aging refineries, an official announced. In an interview with Tasnim, Abbas Kazemi, managing director of the National Iranian Oil Refining and Distribution Company (NIORDC), said Iran has been in talks with Japanese and South Korean companies to optimize oil refining […]

Iran Approves 29 Int’l Companies for Oil Projects

Iran’s oil ministry has certified 29 international companies to bid for oil and gas projects in the country under its new format of oil contracts. According to the report by the oil ministry’s news website Shana, 29 companies, including Shell, France’s Total, Italy’s Eni, Malaysia’s Petronas and Russia’s Gazprom and Lukoil, as well as companies […]

Korean Firm Wins $1.9bn Refinery Deal

Daelim Industrial, a South Korean leading construction and petrochemical company, said it has won a multibillion-dollar contract to renovate and expand Isfahan Oil Refinery (pictured) in central Iran. The Korea Herald quoted the construction giant as saying on Thursday that the deal is worth $1.9 billion (2.3 trillion Korean won). The company said it received […]

Ssangyong Exports 6,823 Vehicles to Iran in 11 Months

Ssangyong Motor Company, a Korea-based company engaged in the manufacture and sale of automobiles, said it has shipped a total of 6,823 vehicles to Iran in the first 11 months of 2016. In a statement on Wednesday, the company said the figure during the January-November period marks a sevenfold increase from a year earlier and […]

Why do Iran’s Conservatives Oppose Deals with Boeing, Hyundai?

By Changiz M. Varzi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s national carrier Iran Air and US aircraft manufacturer Boeing signed a $16.6 billion deal for the sale of 80 passenger jets Dec. 11, despite strong opposition from the US House of Representatives. […]

Iran to buy 10 Ships from S Korea

The Islamic Republic of Iran Shipping Lines (IRISL) and South Korea’s Hyundai Heavy Industries Co. are expected to sign a major contract whereby Iran will buy ten ships from the major South Korean shipbuilding company. Under the expected contract, valued at US$650 million, with IRISL, Hyundai will build four 14,400 TEU container ships and six […]

Three Foreign Banks to Open in Iran

By John Lee. Three foreign banks are reported to be opening representative offices in Iran. Peyman Ghorbani, Vice Governor of the Central Bank of Iran (CBI) told Bloomberg that Oman’s Bank Muscat SAOG, Woori Bank of South Korea, and India’s UCO Bank Ltd. are all in the process of establishing a presence in Tehran. He declined to […]

South Korea to Help Develop Iran’s Capital Market

South Korea’s Vice Chairman of Financial Services Commission Jeong Eun-bo said Seoul plans to help Iran develop its capital market. Bilateral cooperation between Iran and South Korea has gained momentum following the removal of anti-Tehran sanctions, Jeong said, Yonhap news agency reported on Tuesday. He made the remarks in a recent meeting with Shapour Mohammadi, […]