Tag Archives | Isfahan refinery

S Korea’s Daelim Cancels $2bn Deal with Iran

South Korea’s Daelim Industrial said on Friday that a contract worth 2.23 trillion Korean won ($2.08 billion) for a refinery project in Iran was canceled. The order was canceled as the Isfahan Refinery Upgrading Project failed to procure financing because of economic sanctions imposed on Iran, Daelim said in a regulatory filing, Reuters reported. The […]

Korean Credit Line to Finance Refinery Project

A project to optimize Iran’s Isfahan Refinery will be financed by a South Korean credit line. South Korea will provide €1.9 billion worth of credit for upgrading and optimizing the refinery. Alireza Arman, Consolidated Planning Manager of National Iranian Oil Products Refining and Distribution Company (NIOPDC), said: “A contract for improving process and optimizing Isfahan […]

Iran in Talks with Japan to Optimize Oil Refining

Iran is finalizing negotiations with two major Japanese companies to improve the efficiency of Tehran’s aging refineries, an official announced. In an interview with Tasnim, Abbas Kazemi, managing director of the National Iranian Oil Refining and Distribution Company (NIORDC), said Iran has been in talks with Japanese and South Korean companies to optimize oil refining […]

Korean Firm Wins $1.9bn Refinery Deal

Daelim Industrial, a South Korean leading construction and petrochemical company, said it has won a multibillion-dollar contract to renovate and expand Isfahan Oil Refinery (pictured) in central Iran. The Korea Herald quoted the construction giant as saying on Thursday that the deal is worth $1.9 billion (2.3 trillion Korean won). The company said it received […]

Daelim signs $2bn MoU for Isfahan Refinery

The Managing director of Isfahan Oil Refinery said the facility has signed a memorandum of understanding (MoU) with South Korea’s Daelim for improving production procedures and optimizing the facility. Lotfali Chavoshi said on Monday that the process improvement and optimization plan of the refinery will bring the facility to its golden days. He said the […]

Iran Plans big Oil-Refinery Expansion

Iran plans to build five new refineries over the next four years to increase capacity from its current level of 1.85 million bpd to about 3.2 million bpd. Abbas Kazemi, managing director of the National Iranian Oil Refining and Distribution Company (NIORDC) told Bloomberg that the country also needs about $14 billion in investment to […]

Minister Updates on Refinery Developments

Iran is to start operating the first phase of Persian Gulf Star Refinery during the second half of the next Iranian calendar year which begins on March 21. The Deputy Petroleum Minister, Abbas Kazemi (pictured), told Shana that the refinery will start producing high-octane gasoline. The Minister, who is also the Managing Director of the […]