Collection from Iran
The Korea Trade Insurance Corporation announced on January 19 that it succeeded in collecting 97 million euros with regard to 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 euros in total for the construction of a combined cycle power plant in the vicinity of the Iran Power Development Company. The Korea Trade Insurance Corporation provided long-term export insurance in 2004 and 2007 to that end. Then, the Korea Trade Insurance Corporation had to pay insurance benefits due to the outstanding principal and interest that resulted from U.S. economic sanctions on Iran.
“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, adding, “We achieved a win-win relationship with Iran by providing new financial assistance while collecting the money.”
“As the only South Korean public company that is running its own organization for the collection of export receivables, we are going to make continuous efforts so that South Korean companies can be protected from financial difficulties,” Korea Trade Insurance Corporation president Kim Young-hak remarked, continuing, “At the same time, we will do our utmost and make the most of the cooperative relations between the two countries so that South Korean companies can expand their business in Iran.”