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South Korea`s Daelim Industrial Company disclosed that it has secured a $1.9 billion deal to develop refinery facilities in Iran.
We have received a letter of award (LOA) on the contract to improve and expand the facilities of Iran`s Isfahan Oil Refinery. located around 400 kilometers South of Tehran. Daelim Company officials said.
It reiterated that the two sides plan to sign a formal contract next month for the four-year construction project.
Daelim is South Korea`s front-runner in construction business in the Middle Eastern country which forged diplomatic ties with Seoul in 1962.
Since its first contract with Iran in 1975. Daelim has carried out more than two dozen construction projects there worth a total of $4.55 billion.
Company officials expect additional contracts with Iran. which is rich in natural resources such as oil and natural gas.
