Daewoo Shipbuilding and Marine Engineering (DSME) will establish a joint venture shipbuilding firm with three Iranian state-backed organisations. DSME has entered into an agreement with the Industrial Development and Renovation Organisation (IDRO) of Iran, National Iranian Tanker Company (NITC) and Islamic Republic of Iran Shipping Line (IRISL). IDRO had for one time been seeking a partner with the necessary technological know-how and experience to build vessels in Iran to meet the fleet expansion requirement companies of Iranian shipping companies. After a lengthy period of negotiations, DSME was finally selected to be its shipbuilding partner. Under the Heads of Agreement (HoA), the parties will set up a company that will create an Iranian shipyard, with the support of DSME Okpo Shipyard, to constrcut tankers and other vessel types needed by Iran.