South Korean contractor Daewoo Engineering and Construction (Daewoo E&C) has signed a Memorandum of Understanding (MoU) with Iranian engineering firm Bahman Geno, for construction work on an oil refinery in Iran.

The project, said to be worth around US$ 10 billion, calls for joint work on the construction of the 300,000 barrels per day capacity refinery in Bandar Jask, on the country’s southern coast.

Another South Korean construction firm, Hyundai Engineering and Construction (Hyundai E&C), is also set to work on the refinery project, as well as a number of local companies, in accordance with Iranian government regulations.

Daewoo E&C has also signed a second MoU in Iran, for construction work along the 121 km Tehran Shomal Freeway, set to run from the country's capital Tehran to the Caspian Sea.

The work will include a 47 km tunnel and bridge between Hezardram and Mazzan Abad, and the project has a reported value of around US$ 1.5 billion.

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