Establishment background

Following the tender for “Water Transmission Pipeline from Persian Gulf to Southeastern Iranian Industries Project

(First Part)” upon which a consortium ventured by Fakoor Sanat Tehran Company, Asfalt Tous Company, Machine Sazi Vijeh Company, Tivnergy Company, and Fulmen Company, the venturing parties were obliged to establish, upon client’s discretion as per contract, an project-incorporation in which each of the mentioned companies held a share equal to its own contractual share of the project, so as to centralize the responsibilities arising pursuant to the project execution. Accordingly, in 2014, this incorporation was established by its shareholders under the name “Industries Water Transmission Pipeline Construction Company (IWTPC)”. The contract documents and related agreements to the tender were signed when the international sanctions against Iran were at their most sever situation. As a result, the construction operation started in June 2014 in presence of a challenging reality: blockage of any path to provide required liquidity both in IRR and in foreign currencies. Nevertheless, being well aware of this major challenge and relying on a set of justifications with some hope, the board of managers (BOM) of the company undertook the project construction, and in practice, with the kind help of the client and the compassionate role played by the client’s CEO and BOM, IWTPC seceded to handle initial stages of the project