DUBAI, March 12 An Iranian investment fund
signed a deal with Korea's Hyundai Engineering Co. on
Sunday for a 3 billion euro ($3.2 billion) petrochemical
project, which is awaiting financing by Korean banks, the oil
ministry's website SHANA said.
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 percent ... 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
percent completed with an investment of nearly 120 million
Despite the lifting of international sanctions against Iran
in January 2016, Iranian officials have complained that
remaining U.S. sanctions have frightened away trade partners and
robbed Iran of the benefits it was promised under its 2015
nuclear deal with world powers.
($1 = 0.9373 euros)
(Reporting by Dubai newsroom; Editing by Stephen Powell;
editing by Sami Aboudi)