Iranian, Chinese firms ink $2.2b deal

Shanghai Zhenhua Heavy Industry (ZPMC), inked a deal worth dlrs 2.2 billion with Iranian Offshore Engineering & Construction Company (IOEC).

As per the contract, ZPMC, the world's largest manufacturer of heavy-duty equipment, should build 10 offshore jack-up drilling platforms and seven land drilling rigs by July 2010.

Last month, ZPMC obtained a credit line of dlrs 10 billion for five years from the Chinese government to fund its projects.

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