IOEC planning merger of offshore construction firms overseas


TEHRAN, April 2 (Shana) – Managing director of the Iranian Offshore Engineering and Construction Company (IOEC) said that the firm has plans to merge its firms overseas in a bid to economize.

“In the current year (started March 20), we are planning to cut down charges and expect to halve projects’ expenses in the post sanctions era,” Gholamreza Manuchehri said.

“During sanctions, overcharging of Iranian firms by foreign dealers, involvement of one or two middlemen, soaring shipment costs, and currency transfer charges escalated projects’ expenses,” he added.

“From among IOEC firms overseas, only KITO Group is retained and its costs have drastically reduced too,” said Manuchehri.

THE IOEC chief also said that the company will boost providing services to the firms in need of offshore equipment and barges.

Last March, he said that the company has installed more than 215 kilometers of seabed pipelines and above 1900 tons of topsides and tripods for development phases 14, 19, 20, and 21 of the South Pars gas field since 21 March 2015.