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Iran, Hyundai sign funding agreement for petchem project

by ChemOrbis Editorial Team -
  • 14/03/2017 (11:20)
According to Reuters, a subsidiary of Iran’s Oil Pension Fund Investment Company and South Korea’s Hyundai Engineering Co. signed a deal to finance a petrochemical project in Iran.

The agreement is said to be worth 3 billion euros ($3.20 billion) and cover the construction of the second phase of the Kangan Petro Refining Company, which is expected to include 4 plants to produce olefins, LLDPE, HDPE and MEG.

The first phase ofthe projects, which was worth €120 million ($128 million), was reportedly completed by 30%.

The Iranian officials said the financing of the project will be finalized in nine months.
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