In May this year, President Park Geun-Hye made a state visit to Iran to meet President Hassan Rouhani. Daewoo E&C accompanied the visit as a member of the economic mission, and signed two Memorandums of Understanding for constructions of road and refinery facilities worth a total of US$1.5 billion. Daewoo E&C and Hyundai Engineering & Construction signed a US$10 billion worth joint business agreement with Bahman Geno Refinery Company to construct refinery facilities. Moreover, the construction of Tehran-Shomal freeway Lot No. 3, which will be conducted by Daewoo E&C alone, is estimated to be worth US$1.5 billion. Amid the continuously shrinking construction of petrochemical plants due to the prolonged low oil price, new construction orders from Iran might be an opportunity for domestic builders to break through the recession. In addition to the plant construction, various infrastructure construction projects for power generations, bridges, roads and railways are expected to come out in Iran.