Korean Register Expands Foothold in Iran

Korean Register (KR) has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS).

The company will be called the ‘Iran-Korea Technology Assurance Company’, with 50-50 capital investment from KR and ICS and it is planned to be fully operational in 2017.

The agreement is to deliver plant facility certification and engineering services, KR said. The classification society aims to tap into this growing market, as demand for plant project and industry safety inspection services is expected to increase significantly over the next five years.

“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,”  Dr. B. S. Park, Chairman & CEO of KR said.

KR established a branch office in Tehran in 2010 but sanctions meant that the society suspended most of its services, and to comply with all national and international regulations, KR de-listed the Iranian vessels on its register.

In 2016, following the easing of international sanctions, 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 (IRISL) and the National Iranian Tanker Company (NITC).

“Moving forward, KR expects to increase its market share of the Iranian national fleet which is expected to rise due to the new build tanker orders resulting from the country’s expanded crude oil production and export,” the classification society said.

Likewise, now that the sanctions have been lifted Iran is expected to carry out a significant amount of maintenance and newbuilding of on- 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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2018 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

TRANSTEC 2018

TRANSTEC 2018 welcomes participants to explore Russian Ports and Shipping development opportunities…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

SMM 2018

This is a must-attend event – a unique opportunity to meet key players, display business strengths, establish new contacts and exchange…

read more >