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.
