Tag Archives | South Korea

Why French Carmakers are real Winners of Iranian Protectionism

By Ali Dadpay for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s auto industry is only second to its energy sector, accounting for some 10% of the gross domestic product and 4% of employment. Showcasing the Islamic Republic’s efforts to become an industrial economy, it […]

Hyundai Signs $3.2bn Iran Petchem Deal

Iran’s Ahdaf Investment Company and Korea’s Hyundai Engineering Co. (HEC) have signed a deal for a 3 billion-euro ($3.2 billion) petrochemical project, a report said. The agreement covers the construction of the second phase of the Kangan Petro Refining Company. “The financing of this project will be finalized within nine months at the rate of […]

Why Iran’s Auto Ambitions will Benefit Economy, not Consumers

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. In February, Iran hosted an international auto show for the first time in 11 years. Some two dozen European, Asian and Iranian brands, including Iran’s longtime French partners Renault and Peugeot, took part in the […]

First Ship from South Korea Next Year: Official

The managing director of the Islamic Republic of Iran Shipping Lines (IRISL) announced that according to a deal to buy 10 giant ships from South Korea, the delivery of the first ship will take place in March 2018. Mohammad Saeedi said the first 14,500 TEU container ship built by South Korea’s Hyundai Heavy Industries Co. […]

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 […]