SK Networks strikes $1bn deal with Iran’s SAIPA

South Korea’s SK Networks has agreed to procure auto parts and car production materials worth up to $1bn  for Iran’s second largest automaker SAIPA. The deal was concluded yesterday and provides for SK to offer financial support for the purchase of metal sheets and CKD (complete knock-down) parts  used in the production for the Cerato. The two companies are also in talks to form a joint venture, according to the Iranian company’s Director for Commercial Affairs Hassan Baqaei.