[THE INVESTOR] Hyundai Rotem will collect 76.3 billion won (US$66 million) outstanding fees from Iran, the company announced on June 24.
Hyundai Motor Group’s defense and railway equipment maker said that the Iranian government has approved related plans, and the payment will be made in three installments.
Hyundai Rotem had been contracted to supply 150 diesel-powered train cars to Iran in 2004. The company began shipping the vehicles in 2007, but the project was cut off due in part to economic sanctions imposed on the country in 2010.
According to the company, Iran will raise the necessary funds from National Iranian Oil Company’s crude oil and condensate sales to Korean refiners.
By Choi He-suk (
cheesuk@heraldcorp.com)
