Daelim Industrial : Wins Iran’s Esfahan Refinery Improvement Project

Daelim Wins Iran's Esfahan Refinery Improvement Project
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Daelim won a project in Iran following international society's lifting of sanction against the Iranian economy, besting other global construction companies. According to Daelim, it received the LOA (letter of agreement) on the improvement construction of Esfahan Refinery on December 29. The project was ordered by Iran's Esfahan Oil Refining Company (EORC), and Daelim won the project exclusively. The total contract amount is KRW 2.3036 trillion, the largest amount ever won by a Korean construction company in Iran.

The project involves installing facilities in addition to the currently operated oil refinery in Esfahan region located 400km south of Iranian capital Teheran and producing high value-added products. Daelim will carry out design, equipment purchase, construction, and financial procurement. The main contract is planned to be signed in January 2017, and the construction period will be 48 months from construction commencement.

Daelim is the first Korean construction company that began an overseas construction project in Iran since the latter's establishment of diplomatic ties with Korea in 1962. Having penetrated Iran by beginning civil engineering facilities construction for military use in Esfahan, Iran in May 1975, Daelim has performed 26 projects worth USD 4.55 billion for the past 40 years. Daelim has posted the highest achievements among Korean construction companies. Thanks to all these, Daelim has been acknowledged as a reliable company among Iran's state corporations, private companies, and local businesses.

Iran is a resources-rich country that is ranked No. 2 and No. 4 in natural gas and crude oil reserves, respectively, and various types of repair and improvement construction of oil refinery and gas and petrochemical plants are expected to be ordered in the future. Daelim expects to win additional projects since it has a track record of constructing various petrochemical plants as well as oil refining and natural gas facilities since its entry into Iran.