14 March 2017 Current Affairs: Korea’s Hyundai Engineering Co has signed a deal worth 3 billion euros (USD 3.2 billion) with an Iranian investment fund on March 13, 2017 to invest in a major Iranian oil project.
agreement covers construction of the second phase of the Kangan Petro RefiningComplex in southwest Bushehr province of Iran in which Hyundai Engineering plans to invest 3.1 billion euros which is 95 percent of the overall project cost.
The South Korean company will have nine months to secure financing for the oil project which is a potential obstacle due to continued reluctance of international banks to engage with Iran.
The second phase of the deal involves the construction of four production plants at the Kangan site and is expected to take four years.
The first phase of the Kangan project was 30 percent completed with an investment of nearly 120 million euros.
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