TEHRAN, Jan. 10 (Xinhua) -- The South Korean Daewoo Shipbuilding and Marine Engineering Co. is to establish a shipbuilding company in a joint venture with Iranian state-run companies, Tehran Times daily reported on Tuesday.
Daewoo will found the company with three Iranian companies of the Industrial Development and Renovation Organization of Iran (IDRO), the National Iranian Tanker Company (NITC), and the Islamic Republic of Iran Shipping Line (IRISL), IDRO managing director Mansour Mo'azzami was quoted as saying on Tuesday.
The joint company will be established by the end of January, the report said but did not specify its location.
The South Korean shipbuilder signed the agreement to help develop Iran's shipbuilding industry in late December.
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