Hyundai Engineering Co.

South Korea

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 euros. 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.(Reuters, "Korea's Hyundai Engineering In $3.2 Billion Iran Deal Awaiting Funding,"  3/12/2017).


"An official has announced that seven new power plants will be constructed inside the country by Russian and South Korean companies. Mohsen Tarztalab, the General Manager of Iran's Thermal Power Plant Holding (TPPH), described signing of new contracts for designing and construction of new power stations in collaboration with foreign investors during the post-JCPOA era saying 'a Memorandum of Understanding (MoU) has been recently inked with Russian contractor Technoprom energy firm for building a 1400MW power plant in the southern Iranian port city of Bandar Abbas.' ... Moreover, South Korea's Hyundai Engineering Company (HEC) and Korea Electric Power Corp (KEPCO) have signed agreements with Iran over joint construction of three other power generating plants in Zanjan, Qom and Bafgh cities. (Mehr, "Foreign firms to build power houses in Iran," 08/28/2016)