S. Korean Classification Services for Iran’s Shipping Industry
Economy, Business And Markets

S. Korean Classification Services for Iran’s Shipping Industry

Busan-based Korean Register, a member of the International Association of Classification Societies, has signed a memorandum of agreement to establish a joint venture company with the Iranian Classification Society.
The agreement is to deliver plant facility certification and engineering services. This is a growing market, with demand for plant project and industry safety inspection services expected to increase significantly over the next five years.
The company will be called “Iran-Korea Technology Assurance Company”, with 50-50 capital investment from KR and ICS. It will become fully operational in 2017, Greece-based news portal Hellenic Shipping News Worldwide reported, citing KR.
KR established a branch office in Tehran in 2010 but sanctions meant that the society suspended most of its services and de-listed the Iranian vessels on its register to comply with national and international regulations.
Following the easing of international sanctions in January 2016, KR started classing Iranian ships again. Iranian vessels are today in the process of being registered with KR, including ships from the Islamic Republic of Iran Shipping Lines and the National Iranian Tanker Company.
In November 2015, KR signed an MoU with IRISL and ICS, further cementing its strong position with the maritime community in the country, with all parties agreeing to actively cooperate on ship surveys.
KR expects to increase its market share of the Iranian national fleet, which is expected to rise due to the new tanker orders resulting from the country’s expanded crude oil production and export.
Now that the sanctions have been lifted, Iran is expected to carry out a significant amount of maintenance and construction of onshore and offshore plant facilities (oil drilling platforms, for example) to increase oil production.
As a direct result, the demand for certification, building inspection and engineering (design and plan review) is also expected to increase.
Welcoming the joint venture agreement, B. S. Park, chairman and CEO of KR, said: “We are delighted to work with the Iranian Classification Society and to enter the Iranian market, offering a more comprehensive range of services. Building on the experiences and expertise we are providing in Iranian market, we will look to expand our business of inspection and certification of plant facilities into the wider global market.”

Short URL : http://goo.gl/1j7UqP
  1. http://goo.gl/pmVolc
  • http://goo.gl/1wDYbF
  • http://goo.gl/Z1Xwae
  • http://goo.gl/1g7F4c
  • http://goo.gl/oYsLC3

You can also read ...

Tehran to Host Int’l Leather Expo
The Fourth International Exhibition of Bags, Shoes, Leather...
NSFund Helping Knowledge-Based Firms Growth, Export Agenda
Government-backed Innovation and Prosperity Fund (NSFund) has...
All devices that support Wi-Fi are most likely affected and users may want to be wary of using Wi-Fi at all until patches are widely rolled out
One more vulnerability that is now affecting practically...
TCCIM Director Masoud Khansari (C) made the keynote speech at the latest gathering of the influential business body on Oct. 17. (Photo: Saeed Ameri)
Tehran Chamber of Commerce, Industries, Mines and Agriculture...
Miyaneh Steel Complex’s DRI plant was the second producer to utilize PERED, which came on stream on Oct. 15.
Iran has long relied on its cheap energy costs and abundance...
Massoud Karbasian (1R), sitting across his Indonesian counterpart Sri Mulyani Indrawati in Washington, DC.  
Iranian Minister of Economic Affairs and Finance Masoud...
NDFI to Offer Loans Worth $2b to Exporters
The National Development Fund of Iran is to allocate a total...
92% Rise in N. Khorasan Exports Value
More than 310,000 tons of goods worth around $61.5 million...