28 Mar 2024
Tuesday 7 June 2016 - 22:09
Story Code : 217511

Iranian oil, shipping companies set $2.4 billion in ship deals

The preliminary agreements mark Irans efforts to make a comeback in global shipping


ATHENSIslamic Republic of Iran Shipping Lines and Iranian Offshore Oil Co. have reached preliminary deals with South Korean shipyards for orders valued at roughly $2.4 billion, people involved in the talks said Tuesday.

The agreements are part of Irans efforts to make a comeback in global shipping after the lifting of international sanctions earlier this year, but completing the orders will depend on financing that the Iranians havent yet secured, the people said.

The yards are making slots available to the Iranians starting in 2018 and 2019, one of the people said. The Iranians are trying to make the 20% down payments through oil state-to-state deals to finalize the orders.

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