South Korea's Hyundai to build oil tankers for Iran
TEHRAN, May 25 (AFP) - South Korean corporate giant Hyundai is to build
five oil tankers for Iran's oil ministry at a cost of 400 million dollars,
the official IRNA news agency reported Tuesday.
The contract was concluded beween the National Iranian Oil Tanker Company
(NIOTC) and Hyundai, South Korea's largest business group, on Monday, IRNA
said.
The five tankers are to be built over a two-and-a-half year period,
the agency said, adding that the costs will be taken over by South Korean
banks which will be reimbursed "over the long term by the profits
of the ships."
In April, South Korea agreed to grant a 550 million dollar credit to
Iran for the purchase of 10 oil tankers from a South Korean shipbuilder.
South Korea is Iran's principal supplier of oil tankers, super-tankers
and cargo vessels.
In 1990, Iran -- the second biggest oil producer in OPEC -- purchased
five tankers from South Korea and has been seeking to raise the capacity
of its oil fleet.
Trade between the two countries is currently worth more two billion
dollars.
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