HEC, Ahdaf Investment Co. Cement €3b Deal on Petro-Refinery Project

TEHRAN, March 12 (Shana) -- Iran's Ahdaf Investment Company and South Korea's Hyundai Engineering Company has signed a 3-billion-Euro deal for 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 said the deal was signed after one and a half years of efforts.

He said 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% progress with €120 m of investment, Arefi said.

Phase II of the project includes 4 plants for production of olefins, LLD, HD and MEG. 

The financing of the deal, signed as an EPCF contract, will be carried out in a 9-month period by Korean banks, the official said. 

Construction of the project will take 48 months. 

News Code 276065

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