Korea's Hyundai Engineering in $3.2 billion Iran deal awaiting funding

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News ID: 8278
Iran » Iran
Publish Date: 10:19 - 14 March 2017
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TEHRAN, March 14, YJC - An Iranian investment fund signed a deal with Korea's Hyundai Engineering Co for a 3 billion euro ($3.2 billion) petrochemical project, which is awaiting financing by Korean banks.
Korea's Hyundai Engineering in $3.2 billion Iran deal awaiting funding
TEHRAN, Young Journalists Club (YJC) - 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.
 
"The financing of this project will be finalized within nine months at the rate of 95 percent ... by South Korean banks," said Asghar Arefi, the Iranian official 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.



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