"Daelim Signed an MOU with Iranian Oil Company to Improve Refinery Capacity"

The Iranian oil ministry announced on July 19 (local time) through its news agency that Korea-based Daelim Industrial Co. and Iran’s Isfahan Oil Refinery had signed an MOU to improve production and optimize the facilities of the Iranian oil refinery.

According to Iranian local news outlets, the managing director of Lotfali Chavoshi at Isfahan Oil Refinery told reporters on July 18, the previous day, that the implementation of the deal would bring the facility to its golden days and be made in the way of Engineering, Procurement and Construction (EPC) with Daelim responsible for financing. The project will be carried out for four years with an investment of US$2 billion. Daelim will cooperate with Iranian contractors, and the National Iranian Oil Engineering and Construction Company (NIOC) will serve as the operator. 

Once completed, the project will reduce the refinery's crude oil feedstock by 16,000 barrels per day by adopting new production technologies. The facility's oil output will rise by 8.5 million liters per day which will be one of the major achievements of the project.