South Korean firm SK Engineering & Construction (SK E&C) has been awarded a US$1.6 billion contract to modernise an oil refinery in northwest Iran.
The project involves upgrading outdated facilities and installing new technologies and systems at the plant, in Tabriz, in Iranian Azerbaijan. As part of the contract, a new desulfurisation system will be installed, enabling the plant to meet the new Euro-5 emissions standard.
SK E&C will undertake design, purchase, construction work and financing on the project, with its Iranian consortium partner, Oil Design and Construction Company.
Construction work at the plant, which has a refining capacity of around 110,000 barrels a day, is expected to take 36 months from breaking ground to completion.