Ira­nian fund inks €3b deal with Hyundai Engi­neer­ing

New Straits Times - - Business -

An Ira­nian in­vest­ment fund signed a deal with South Korea’s Hyundai Engi­neer­ing Co yes­ter­day for a €3 bil­lion (RM14.3 bil­lion) petro­chem­i­cal project, which is await­ing fi­nanc­ing by Korean banks, said the Oil Min­istry’s web­site, Shana.

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, Shana re­ported.

“The fi­nanc­ing of this project will be fi­nalised within nine months at the rate of 95 per cent ... by South Korean banks,” said As­ghar Arefi, the Ira­nian of­fi­cial who signed the ac­cord, ac­cord­ing to Shana.

Arefi said the first phase of the Kan­gan project was 30 per cent com­pleted with an in­vest­ment of nearly €120 mil­lion.

De­spite the lift­ing of in­ter­na­tional sanc­tions against Iran in Jan­uary last year, Ira­nian of­fi­cials have com­plained that re­main­ing United States sanc­tions have fright­ened away trade part­ners and robbed Iran of the ben­e­fits it was promised un­der its 2015 nu­clear deal with world pow­ers.

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