South Korea and Turkey have joined hands to construct Iran's largest privately developed power plants within a multi-billion-dollar project.
As quoted by Yonhap News Agency, SK Engineering & Construction (SK E&C) has teamed up with Turkey's energy giant UNIT International SA to build and operate new power plants in Iran.
Under the deal, the South Korean firm will join the Turkish firm's ongoing project to build and operate five new gas-fired power plants in Iran, said to be worth US$4.2 billion in total.
SK E&C will likely be in charge of building the five new power stations, company officials noted.
Officials from the South Korean builder said the company has successfully purchased a 30 percent stake in the Turkish firm one day after the two companies signed the deal in Istanbul.
The power stations are set to have a combined generation capacity of 5,000 megawatts, making them largest privately developed power plants in the Middle East, they added.
SK E&C is one of a few South Korean companies to have made a massive investment commitment to Iran since the Middle Eastern country was removed from years of international sanctions over its nuclear ambitions.
South Korea is among countries that have made great efforts to develop relations with Iran and have always sought to link their companies to infrastructure projects of Iran.
Many economy experts and South Korea's large corporate owners believe that taking advantage of new opportunities not only will pave the path for bilateral cooperation in various economic spheres but also will open bright horizons to all countries in redefining new relations with Iran.
South Korea has clearly stated that it holds no intentions to lag behind competitor or lose its markets in Iran especially now that a nuclear deal has been reached.