Hyundai Engineering bags Iran deal

Iran

TEHRAN, March 13, 2017 – The Petroleum Industry Pension Fund and Hyundai Engineering closed their deal for the construction of the Kangan Petro Refining Complex in Iran during a signing ceremony on Sunday.

The engineering, procurement, construction and financing contract for phase two of the USD 3-billion project calls for the construction of four plants capable of producing olefins, high density and low density polyethylene, as well as monoethylene glycol. The natural gas processing plant will also feature an ethylene cracking unit to produce petrol from natural gas.

Korean banks will work to secure financing over the coming nine months. The entire construction period is expected to cover 48 months