According to PIN, a consortium including Iranian International General Contractor Co had agreed to complete phases 6, 7 and 8 of South Pars gas project with Pars Oil and Gas Co, a subsidiary of Iranian national oil company, by May 2013.
The South Pars reservoir is shared by Iran and Qatar. The Iranian part is divided into 24 phases. The 1.24 billion Euros the South Korean firm will receive is equivalent to 77 percent of the total construction.
GS E&C specializes in the construction of oil, gas and petrochemical plants, and power and electrical plants.
GS E&C's 30.5 percent of stake is held by Chairman Huh Changsu family, who also holds a 46 percent of stake in GS Holdings, according to data from GS Engineering & Construction. GS is the holding firm of GS Caltex, South Korea's No. 2 crude refiner.