Indonesia to Buy Korean Submarines

      October 11, 2011 11:20

      Daewoo Shipbuilding and Marine Engineering has been awarded exclusive negotiator status to sign a W1 trillion export contract for diesel submarines with the Indonesian Defense Ministry and Navy, the company said Monday (US$1=W1,170).

      Korea was in competition with Russian, French and German firms. It became a priority negotiator alongside a French company in June.

      The winning bidder will build three 1,400-ton subs worth W1.2 trillion, making it Korea's single biggest arms export.

      Korea will join the group of submarine exporters only 20 years after it took over submarine technology from Germany.

      Only four countries -- Russia, Germany, France, and China -- export diesel subs. The U.S. and Japan build them for their own use.

      According to market researcher ICD Research, a total of 154 subs worth $180 billion are expected to be built around the world over the next decade, including some 100 diesel subs.

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