DSME plans to help develop Iranian shipyard

Jung Sung-leep (R), CEO of Daewoo Shipbuilding & Marine Engineering Co., shakes hands with Mansour Moazami, head of the Industrial Development and Renovation Organization of Iran, after signing a cooperation agreement between the two at DSME's Seoul office

DECEMBER 29, 2016 — Korea’s Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran.

The parties plan to establish a joint venture company (JVC) to develop an Iranian shipyard with cooperation from DSME Okpo Shipyard on the engineering and construction of the types of vessels needed by Iran.

Yonhap News Agency reports DSME as saying the Iranian side is seeking financing from the South Korean government.