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South Korean engineering firm Daelim Industrial says it will continue to work in Iran -- unlike compatriot GS Engineering and Construction, which announced last week it was pulling out of the Islamic republic to avoid running foul of tougher US sanctions (IOD Jul.2,p6).
Daelim has two projects in Iran -- a $612 million turnkey scheme for Phase 12 of the giant South Pars gas field, and two contracts worth a combined $260 million to build LNG storage tanks for Iranian Liquefied Natural Gas Co. at Tombak in the southwest. The company started work on the South Pars contract in February and is due to complete it in 2013, while the LNG project began in October 2007 and is slated to finish in April 2011.
Sources at Daelim tell International Oil Daily that it is continuing with the projects despite the tougher sanctions as they are both at the execution stage. They say their company's stance is...