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Biz News Korea(Eng)
South Korea’s SK E&C inks 1.7 tn won Iran refinery deal
- Collected
- 2017.08.07
- Distributed
- 2017.08.09
- Source
- Go Direct
SK E&C said on Sunday that it signed a contract to refurbish the Tabriz refinery for Tabriz Oil Refining Co., an affiliate of Iran’s largest private energy firm Parsian Oil and Gas Development Group Company. The project that aims to upgrade the outdated refinery facilities with latest technologies and systems is expected to cost about 1.7 trillion won, according to sources.
Following the renovation, the refinery will be fitted with a new desulfurization system that will help the Tabriz refinery produce oil products meet the strengthened Euro-5 emission standard, the company said. The Tabriz refinery in northwest Iran, 600 kilometers away from the capital Tehran, has a refining capacity of about 110,000 barrels per day.
The construction is expected to be completed in 36 months from its commencement date, and the Korean company will be responsible for basic and detailed designs, purchase and construction as well as financing as a package deal in a consortium with Oil Design and Construction Co. (ODCC), an Iran’s private company that provides comprehensive services in engineering, procurement, construction and management.
The latest deal came after SK S&C signed a memorandum of understanding (MoU) with the owner and conducted the project feasibility study in June 2016.
By Chung Soon-woo
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