Hyundai Engineering (HEC) and Iran’s state-run Ahdaf Investment Company have signed a US$3.2 bln agreement to develop the second phase of the Kangan petrochemical plant, making HEC one of the biggest foreign investors in Iran’s downstream. The second phase of Kangan petrochemical projects is planned to produce 1 mln tpa of ethylene, 500,000 tpa of mono-ethylene glycol, 350,000 tpa of high-density polyethylene and 350,000 tpa of low-density polyethylene. According a report released by Iran’s oil ministry, the second phase will be 95% funded by Korea.
The Ahdaf Investment Company, a subsidiary of the Oil Pension Fund Investment Company, has already invested €120 mln to cover 30% of the cost of the first phase, which is aimed at extracting gas liquids from South Pars. Kangan is near Phase 12, which produces 65mn m³/d of gas. The deal, known as Phase II of the Kangan Petro Refining Complex, will be carried out by Hyundai Engineering and its Hyundai E&C subsidiary as an engineer, procure, construct and finance contract, with funding to be arranged over a nine-month period by a consortium of Korean banks. Construction is expected to take four years.
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