Exclusive Exclusive: Bilfinger Wins Contract in Iran

The engineering company Bilfinger has won a contract to help expand a refinery in the Iranian city of Isfahan, a company spokesperson has confirmed to Handelsblatt. Under the contract, which is worth several million euros, Bilfinger will deliver process control and security systems for the refinery. The company is expected to publicize more details on Friday. The contract could lead to additional jobs in Iran as economic sanctions are lifted and the country moves to modernize its oil and gas industry. Bilfinger’s new contract in Iran also signals that it’s not withdrawing from the world. The company has suffered major losses and was reportedly considering exiting non-European markets. In the first three months of this year, Bilfinger suffered a €76 million ($83 million) loss due to negative earnings in its power operations, a loss on the sale of its water technologies unit and other charges. The company has been hit hard by Germany’s state-backed transition to renewable energy, which has come at the expense of gas and coal – one of Bilfinger’s core businesses. Since 2009, the company’s revenue has tanked by 35 percent to €6.5 billion in 2015. Last year, Bilfinger suffered a €489-million loss. Amid the financial instability, Bilfinger has cycled through four chief executives in two years and saw two supervisory board members decline to serve another term. Read the full story in Handelsblatt Global Edition on Friday. Picture Source: Reuters