Azer News - Turkish and Iranian companies have signed an agreement on construction and sale of ships for a total amount of $95 million, Turkish media reported on June 1.

Three Turkish companies, names of which haven�t been disclosed, will build ships in Khorramshahr in southwestern Iran.

Following the lifting of international sanctions�Iran spared no efforts to develop a series of grand projects in partnership with major�shipbuilders to modernize its aging dockyards.

Earlier in January, Managing Director of Iran Shipbuilding and Offshore Industries Complex Co. (ISOICO) Rezaian Asl said that Iran plans to further boost its shipbuilding capabilities and compete with the world's top firms in this field.

ISOICO, the sole shipbuilding company in the region which builds and repairs ships of various scales, outlined a five-year plan to achieve a ranking among the world's top five shipbuilders.

Previously, the company has also signed several agreements with international partners in order to cooperate in sharing engineering, technological, equipment supply and manufacturing services.

According to the Turkish Statistical Institute (TUIK), the trade turnover between Turkey and Iran amounted to $11 billion in 2016. The two countries intend to bring the volume of trade operations up to $30 billion.