The South Korean company Daelim has announced that it has won a contract worth $1.9 billion for the upgrade and development of the Isfahan oil refinery. According to South Korea's Yonhap News Agency, the construction giant Daelim Industrial announced on Thursday, January 9, that the parties intend to sign an official contract for this four-year construction project next month, in January. Iran recently stated that over $14 billion in investment is needed to upgrade and develop its existing refineries. The aim of this investment is to reduce the production of fuel oil and increase the production of value-added products such as gasoline and diesel, as well as to improve product standards. The current capacity of Iran's refineries is to process 1.8 million barrels of crude oil per day. Following the announcement of this news, Daelim's stock price rose by 2.66% to reach 84,900 won. Daelim's first contract with Iran dates back to 1975, and the company has executed several construction projects worth $4.55 billion in Iran. South Korea is one of Iran's main oil customers.
Iran's $2 Billion Refinery Project Awarded to South Korean Company
Daelim, a South Korean construction company, has secured a $1.9 billion contract to upgrade the Isfahan oil refinery in Iran. This project is part of Iran's broader strategy to invest over $14 billion in its refineries to enhance production and product standards. The deal highlights the ongoing economic ties between Iran and South Korea amidst geopolitical tensions.
👥 Key Players
⚡ Actions
📰 What Happened
Daelim won a $1.9 billion contract to upgrade Iran's Isfahan oil refinery.
- Daelim Industrial announce Isfahan oil refinery
- Iran invest existing refineries
- Daelim Industrial and Iran sign official contract
💡 Why It Matters
📚 Background
The $1.9 billion contract reflects Iran's efforts to modernize its oil infrastructure.
📝 Key Evidence
🏷️ Entities Mentioned
Translated from the original and edited for English readers. View original source →
Translation confidence: 85%