S. Korea suspends Iran steel deal under Saudi Arabia influence
TEHRAN, Jan. 23 (Xinhua) -- South Korea has stopped an investment deal in Iran's steel industry due to Saudi Arabia's influence, Financial Tribune daily reported on Tuesday. South Korea's POSCO Engineering & Construction signed a 1.6 billion U.S. dollar agreement with the Iranian steelmaker, Pars Kohan Diar Parsian Steel (PKP), in May 2016. Under the deal POSCO was to build a steel mill incorporating the company's proprietary technology in Iran's Chabahar Free Trade-Industrial Zone. Iran-Saudi relations were increasingly fraught with ...
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