Construction in Iran
Daewoo Engineering & Construction, which plays a role as a Korean economic delegation in Iran, has entered into a Heads of Agreement (HOA) with Iran’s Jahanpars Group in Tehran, Iran, on Feb. 29.
Established in 1962, Jahanpars Group (Chairman Nader Ataei) is a private general contractor, ranking first in the oil and gas, power, water treatment and construction sectors in Iran. In addition, the company actively carries out projects in the whole field of construction, including real estate, harbor and railroad.
Based on the latest HOA, Daewoo E&C will cooperate and jointly participate in all construction projects, such as civil engineering, architecture and plant, consigned in Iran and other countries in the future. In fact, the Iranian construction market requires at least 51 percent of local companies to take part in infrastructure projects, including railway and harbor. Moreover, a company will be in a favorable situation to place tenders and manage risks in the oil and gas and oil refining sectors through partnerships with local firms.
Since Iran is expected to place orders for various construction projects, such as oil and gas, power, oil refining and water treatment, after the end of economic sanctions on the country, it is currently an emerging market in global markets, which are contracted due to prolonged low oil prices. In particular, Jahanpars Group is considered a company that stands to benefit most from the lifting of economic sanctions. Daewoo E&C is now talking about oil and gas and oil refining plant projects with the company.