Monday, March 13, 2017

Hyundai Engineering wins $3.2bn Iran project deal

Iran's Ahdaf Investment Company and South Korea's Hyundai Engineering Company have signed a €3-billion ($3.21 billion) deal for the construction of phase II of Kangan Petro-Refinery Project.

Managing director of Ahdaf Investment Company, a subsidiary of the Petroleum Industry Pension Fund (PIPF), Asghar Arefi, was quoted by Shana news agency as saying the project will be one of the most lucrative projects in Iran.

Fully owned by the PIPG, Phase I of the project has made 30 per cent progress with €120 million investment, Arefi said. Phase II of the project includes four plants.

The financing of the deal, signed as an engineering, procurement, construction and financing contract, will be provided by Korean banks, the official said.

Construction of the project will take 48 months, the report said.

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