Korea’s growing role in Iran’s post-sanctions downstream has taken another big step with the award of a $1.91bn contract to Daelim by state refiner NIORDC for an upgrade of Iran’s second largest refinery.

NIORDC chief Abbas Kazemi says the project will boost output of light products and cut  fuel oil at the 375,000 b/d Isfahan plant. Korea will provide the bulk of the financing for the project, he adds.

This will presumably come under the auspices of a funding deal...