Hyundai Engineering Signs KRW 3.8 Tril. Power Plant Deal in Iran
Hyundai Engineering has signed a deal worth 3.8 trillion won with Ahdaf Investment Company to carry out the second phase of the Kangan Petro Refining Complex -- a major petrochemical and refinery project in southern Bushehr Province, Iran.
The contract signed in Tehran is considered to be the biggest record deal signed by a South Korean builder in Iran.
On March 12, Hyundai Engineering & Construction and Ahdaf, a subsidiary of Iran's Oil Pension Fund Investment Co., signed an EPCF (engineering, procurement, construction and financing) contract for the second phase of Phase 12 of the South Pars gas field project. It is by far the world's largest gas field.
The second phase focuses on building a petrochemical complex in the South Pars, Tonbak, about 1,100 km south of Tehran, for the annual production of about 1 million tons of ethylene, 500,000 tons of monoethylene glycol and 350,000 tons of heavy and light polyethylene.
Under the EPCF agreement, construction for the second phase will be financed by Hyundai Engineering & Construction through South Korean financial institutions.