“Mid-tier” Korean Firm wins huge Deal in Iran?

By John Lee.

According to a report from Korea Times, South Korea’s Samwoo Engineering and Construction (E&C) has reportedly “signed a memorandum of agreement (MOA) for a plant construction project worth 5 billion euro.

The project is a petroleum refining facility at Zilaee, led by Masjed-Soleyman Petrochemical Industries, which is owned by Iran’s national pension fund.

The article, under the headline “Samwoo E&C signs 5 bil. euro MOA in Iran“, says the company has also signed an MOA with Shams Omran Construction and Engineering Company, “agreeing to cooperate on high speed railways and expressway projects, worth $4 billion.

Samwoo is described as a “mid-tier construction company“, and an initial search by Iran Business News has been unable to find any definitive information about this company, making the reported size of these deals seem rather implausible.

(Source: Korea Times)

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