S. Korea Collects Iran Export Receivables

The Korea Trade Insurance Corporation announced on January 19 that it succeeded in collecting €97 million for the MAPNA project in Iran. In the power plant construction project, Doosan Heavy Industries signed two waste heat recovery boiler export contracts worth €230 million for the construction of a combined cycle power plant in the vicinity of Iran Power Development Company. The Korea Trade Insurance Corporation provided long-term export insurance in 2004 and 2007 to that end. Korea Trade Insurance Corporation had to pay insurance benefits due to the outstanding principal and interest that resulted from US economic sanctions on Iran, Businesskorea reported. “The collection of the money is meaningful in that it constitutes a part of the tangible accomplishment of economic cooperation between South Korea and Iran after the lifting of the economic sanctions,” said the South Korean corporation. “We achieved a win-win relationship with Iran by providing new financial assistance while collecting the money.”