The 50-50 joint venture, named Iran-Korea Technology Assurance Company, will be fully operational in 2017.
The plant facility certification and engineering services is a growing market, with demand for plant project and industry safety inspection services expected to increase significantly over the next five years, according to KR.
“We are delighted to work with the Iranian Classification Society and to enter the Iranian market, offering a more comprehensive range of services,” said BS Park, chairman and ceo of KR.
“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,” Park commented.
KR said the joint venture follows the lifting of sanctions in Iran, which is expected to carry out a significant amount of maintenance and newbuilding of onshore and offshore plant facilities to increase oil production. As a direct result, the demand for certification, building inspection and engineering is also anticipated to increase.
Back in 2010, KR had established a branch office in Tehan, but sanctions led to the suspension of most of its services leading to KR delisting Iranian vessels on its register.
In 2016, following the easing of international sanctions, KR resumed classing Iranian ships, including those from the Islamic Republic of Iran Shipping Lines (IRISL) and the National Iranian Tanker Company (NITC).
Looking ahead, KR said it expects to increase its market share of the Iranian national fleet which is expected to rise due to the newbuild tanker orders resulting from the country’s expanded crude oil production and export.
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