Hyundai signs €3B petrochemical deal with Iranian partner
Tehran, Iran, March 13
By Mehdi Sepahvand - Trend:
Hyundai Engineering Co. (HEC) has signed a deal worth 3 billion euros with Iran’s Ahdaf Investment Co. (a subsidiary of İranian Oil Pension Fund) over the development of phase 2 of the Kangan petrochemical
factory, in Bushehr Province, southern Iran.
The phase will include four plants for production of olefin, MEG (Ethylene glycol), LLD, the Iranian company’s CEO Asqar Arefi said, Shana news agency reported March 13.
The financing of the project will be finalized within nine months and 95 percent of it will come from the Korean company, he said, adding the phase will start making profit in 48 months.
According to Arefi, 100 percent of the shares of Kangan Petrochemical Company belongs to the Iranian Oil Ministry workers that are covered by the pension fund.