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Hyundai Rotem Wins Deal to Supply Diesel-driven Trains to Iran
Hyundai Rotem, a Korean manufacturer of railway systems, announced on May 4 that it has signed a memorandum of understanding (MOU) with Iranian Islamic Republic Railways (RAI) on the 3rd (local time) to sell 150 diesel-driven trains.
The company has won the deal in six years after a similar contract had to be put on hold due to the imposition of international sanctions on Iran in 2010.
Under the agreement, RAI will purchase 150 diesel multiple unit (DMU) cars from Hyundai Rotem. Korea's Ministry of Strategy and Finance will finance 85% of the contract, while the Iranian government will underwrite the cost. The two companies will ink the official contract in late July through negotiations on commercial and technical conditions...