Hyundai in $3.2 billion Iran deal

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.