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[THE INVESTOR] Hyundai Rotem has collected 83.5 billion won (US$74.7 million) in outstanding payments from a railway project in Iran, according to news reports Aug. 19.
It signed a contract in 2004 with Raja, a public enterprise under the national Islamic Republic of Iran Railways, to supply 150 diesel trains. The company started delivering trains in 2007, but as the US imposed sanctions against Iran, the project was halted and payment was interrupted.
As economic sanctions on Iran were lifted in January, with the support from the South Korean government and financial institutions, the Hyundai Motor affiliate negotiated with the Middle Eastern government and recently resolved the issue by receiving payment from a local oil refinery company for Iranian natural gas instead.
The company will also complete the unfinished delivery of diesel train cars to Iran by the end of 2018.
By Hwang You-mee (glamazon@heraldcorp.com)
It signed a contract in 2004 with Raja, a public enterprise under the national Islamic Republic of Iran Railways, to supply 150 diesel trains. The company started delivering trains in 2007, but as the US imposed sanctions against Iran, the project was halted and payment was interrupted.
As economic sanctions on Iran were lifted in January, with the support from the South Korean government and financial institutions, the Hyundai Motor affiliate negotiated with the Middle Eastern government and recently resolved the issue by receiving payment from a local oil refinery company for Iranian natural gas instead.
The company will also complete the unfinished delivery of diesel train cars to Iran by the end of 2018.
By Hwang You-mee (glamazon@heraldcorp.com)
