South Korea’s Daewoo Engineering and Construction has announced that it has signed a memorandum of understanding with Iranian energy company Bahman Geno to build an oil refinery in Iran.
The Chemcial Engineer reports that the tentative US$10-billion deal will see the companies promise to cooperate to build a 300,000 bbl/d capacity refinery in Bandar Jask, in southern Iran.
Hyundai Engineering and Construction is also seeking to join the project.
According to reports from Business Korea, Bahman Geno issued a letter of intent to Daewoo E&C and Hyundai E&C in April for engineering, procurement and construction (EPC).
It also reported that an additional US$1.5 billion has been awarded to Daewoo E&C for road infrastructure to the plant.
(Source: The Chemcial Engineer)