South Korean construction company Daelim Industrial Co. landed a 2.3 trillion won ($ 1.9 billion) deal with Iran’s Isfahan Oil Refinery to add oil refinery facilities.
Daelim Industrial said Thursday that it has received a final letter of award (LOA) from Isfahan Oil Refinery to improve and optimize production facilities in the Iranian oil refinery.
The deal, which is worth 2.3 trillion won, is the largest contract secured by a domestic construction company in Iran, the Korean builder claimed.
The project, due for completion in 48 months since groundbrekaing, is to add facilities that will be used to produce high value-added products to the oil refinery located 400 kilometers south of Tehran, the capital of Iran.
Under the deal to be officially signed in January 2017, Daelim Industrial will be in charge of design, equipment and material procurement, construction and financing.
Daelim Industrial was also the first Korean builder to tap into the Iranian market after South Korea and Iran established diplomatic relations in 1962, Pulsenews reported.
Beginning with the civil engineering work in Isfahan military facility in May 1975, Daelim has clinched 26 projects worth $4.5 billion in total over the past 40 years.