Iran and Singapore signed memorandum on port infrastructure and shipbuilding

offshore industrySingapore holding Kim Heng and the Iran Marine Fund signed a memorandum of understanding in the sphere of development of port infrastructure in the Islamic Republic for a total amount of 455 million USD over next 10 years. The document provides construction of marine and coastal sites and facilities, construction of ships, port floating platforms, offshore cranes and tankers for transportation of chemical and oil products. Moreover, the new objects are created with the maximum use of the internal Iranian potential. A promising partnership can also include the hiring or acquisition of vessels at Singapore holding for drilling management, including shelves, plants and their maintenance in the Islamic Republic.

Kim Heng believes the strategic partnership offers a good opportunity to widen its global client network and better position the firm to secure projects in Iran and its surrounding areas.

An Iran Marine Fund is a specialized, state-owned enterprise of the Ministry of Industry, Mines and Trade. The fund has been established with the goal of achieving sustainable development in Iran’s marine industry. It acts as an interface between the government and the private sector, while also providing developmental and strategic support.