Foundation for Defense of Democracies

South Korea

Date: September 2005 - Ongoing

Deal: Bloomberg reported that Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering won $1 billion in a contract in September 2005 from the National Iranian Oil Tanker Company (NITC) to build 10 oil tankers for Iran. NITC "plans to order another 35 vessels to be built by 2010, including 10 LNG carriers, a more complex ship that costs almost twice as much as crude-oil tankers" (Bloomberg, September 5, 2005).