TEHRAN, Dec. 02 (Press Shia) – Iran inked a $720m contract with South Korea to buy 450 rail buses from the latter within 6-year period.

Pointing to the fact that there are only 120 rail buses active in the country, Iran’s Minister of Roads and Urban Development Abbas Akhoundi added that the contract is worth € 720, adding the Iranian side had previously signed another contract with the same Korean company.

Also present at the ceremony of signing the contract, Saeed Mohammadzadeh, the managing director of Islamic Republic of Iran Railways (known as RAI) said that “this contract has been signed between Iranian company called ‘Iranian Rail Industries Development Co (IRICO)’ and Korean company Hyundai Rotem. He added that “Iranian and Korean companies are schedued to jointly produce rail buses, so that the technical knowledge will be transferred to Iran.”

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