TEHRAN - Singapore's Kim Heng Offshore & Marine Holdings Limited signed a memorandum of understanding (MOU) with Iran Marine Fund (IMF) to cooperate in Iran’s marine projects, IRNA reported on Monday.

Based on the MOU, which was signed by Mehrdad Mozaffari, the IMF managing director, and Tan Keng Hoe Melvin, the general manager for supply chain management in Kim Heng, on Monday, the Singaporean company agreed to provide a €400 million finance to develop Iran's marine industries in several phases.

“The parties agreed to cooperate in various spheres including manufacturing of platform supply vessels, offshore cranes, chemical tankers, and also aluminum and fiberglass vessels,” Melvin announced.

“In the MOU between Kim Heng and IMF, maximum domestic production in Iran has been emphasized,” he added.

The Singaporean company also offered a comprehensive package of applicable services in the field of maritime industries to IMF.

Iran Marine Fund is a specialized, state-owned enterprise of the Ministry of Industry, Mining and Trade.

Kim Heng Offshore & Marine Holdings Limited is an integrated offshore and marine value chain services provider located in Singapore.

Major international companies are rushing to establish a position in Iran as the Islamic Republic re-opens for business after the lifting of international sanctions.

EF/MA