News Post
Korea's Hyundai Engineering $3.2-B Iran petchem deal awaiting funding
DUBAI (Reuters) -- An Iranian investment fund signed a deal with Korea's Hyundai Engineering Co. on Sunday for a $3.2 billion petrochemical project, which is awaiting financing by Korean banks, the oil ministry's website SHANA said.
A subsidiary of the Oil Pension Fund Investment Company signed the agreement which covers the construction of the second phase of the Kangan Petro Refining Company, SHANA reported.
"The financing of this project will be finalized within nine months at the rate of 95% ... by South Korean banks," said Asghar Arefi, the Iranian official who signed the accord, according to SHANA.
Arefi said the first phase of the Kangan project was 30% completed with an investment of nearly 120 million euros.
Despite the lifting of international sanctions against Iran in January 2016, Iranian officials have complained that remaining US sanctions have frightened away trade partners and robbed Iran of the benefits it was promised under its 2015 nuclear deal with world powers.
Reporting by Dubai newsroom; Editing by Stephen Powell; editing by Sami Aboudi
For subscriptions or a demo:
Sam Hassaniyeh
Subscription Executive
Phone: +44 203 4092242
For questions or to give feedback:
Thad Pittman
Senior Researcher
Phone: +1 (713) 525-4605
Download our brochure today!
Project News