Iran, Hyundai sign 3 billion euro petrochemical project

Tehran (ISNA) – South Korea’s Hyundai Engineering Company (HEC) signed a deal with an Iranian investment fund on Sunday for a 3 billion euro ($3.2 billion) petrochemical project, which is awaiting financing by Korean banks, Reuters reported.

The contract covers the construction of the second phase of Kangan Petro Refining Complex in Iran’s southwestern Bushehr province.

"The financing of this project will be finalized within nine months at the rate of 95 percent by South Korean banks," said Asghar Arefi, managing director of a subsidiary of Iran’s Oil Pension Fund Investment Company who signed the accord.

Arefi said the first phase of the Kangan project was 30 percent completed with an investment of nearly 120 million euros.

source : isna