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EghtesadOnline: Iranian Shipping Lines (IRISL) finalized a contract with Hyundai Heavy Industries Company to buy 10 ships worth dlrs 650 million and develop technical cooperation on shipbuilding, the South Korean industry giant, Hyundai, said in a statement on Saturday.

Hyundai said that the company wll build several container ships and oil tankers for the Islamic Republic of Iran Shipping Lines for delivery from year 2018, according to IRNA.

One of the container ship will have capacity of 14,500 containers, but the exact number of containers and oil tankers has not been declared yet.

It is the first contract to purchase ships from South Korea after lifting sanctions by implementing the nuclear deal last January.

IRISL said that the Iranian and South Korean companies have record of close cooperation to develop shipping industry and joint venture investment in Iran.

IRNA economic correspondent said that Iran required the South African industrialists to develop joint venture investment with Iranian partners in Iran in parallel with purchase of industrial products. 

Iran-South Korea trade Iran Shipping Hyundai Heavy Industries