South Korea’s construction giant Daelim Industrial Company says it has won a major $2b deal from Iran to expand a central oil refinery, PressTV reported. The deal will be officially signed in January 2017.

Late December, Daelim received a letter of award (LOA) from Iran’s Esfahan Oil Refining Co. (EORC) to improve oil refinery facilities. The deal is the largest contract secured by a domestic construction company in Iran, informed Business Korea. The project is to add facilities that will be used to produce high value-added products to the oil refinery in Isfahan. Accordingly, Daelim will be in charge of design, equipment and material procurement, construction and financing. Construction will take 48 months after groundbreaking.

With a capacity of processing 375,000b/d of oil, Isfahan Refinery is currently responsible for supplying around 22% of Iran’s required oil products.

Daelim Industrial was the first Korean builder to tap into the Iranian construction market after South Korea and Iran established diplomatic relations in 1962. Beginning with the civil engineering work in Isfahan military facility in May 1975, the company has clinched 26 projects worth $4.55b in total over the course of 40 years in the country.