S. Korean Daelim Co. to finance development project in Isfahan refinery

EghtesadOnline: Iranian contractors and South Korean Daelim Company are set to cooperate to improve the process of optimization plan in Isfahan Refinery, a senior Iranian official said in this central province on Tuesday.

News ID: ۷۶۸۳۴۶

19 July 2016

Managing director of the National Iranian Oil Engineering and Construction Company (NIOEC) Hamid Sharif-Razi said the plan would be implemented by the end of the current Iranian calendar year (March 20, 2017).

Managing Director of Isfahan Refinery Lotfali Chavoushi and Daelim officials inked an agreement Monday night to improve the optimization process of the refinery in the central province of Isfahan.

Thanks to removal of anti-Iran sanctions, Sharif-Razi said, the South Korean company is scheduled to finance the plan.

Sharif-Razi underscored that reimbursement of expenses would be paid after completion of the project and through the sale of products to the South Korea.

He noted the Iranian side would also cooperate as a supervisor in the project.

Daelim Industrial was established in 1939, and its E&C (Engineering & Construction) and Petrochemical Groups are the main lead of the Daelim Business Conglomerate (Chaebol).

The fields covered by Daelim Industrial as one of the top EPC Companies in Asia include gas, petroleum refining, chemicals and petrochemicals, power and energy plants, building and housing, civil works, and industrial facilities.