South Korea's SK Engineering & Construction said on Sunday it had signed a deal with Iran's Tabriz Oil Refining Company worth $1.6 billion to renovate the Iranian company's refinery facility.
SK E&C said in a statement that the project involves upgrading Tabriz Oil Refining Company's 110,000-barrels-per-day refinery, which opened in 1976 and is located in the northwest of Tehran.
Under the agreement, a consortium of SK Engineering & Construction and Iran’s Oil Design Construction Company would
finance and implement the renovation project to increase the refinery's gasoline and diesel production capacity, according to the statement.
The project is scheduled to be completed within 36 months once the consortium breaks ground on construction.
(Reporting by Heekyong Yang; Editing by Muralikumar Anantharaman)