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TEHRAN, March 12 (Xinhua) -- South Korea's Hyundai Engineering Company (HEC) signed a three-billion euros (3.2 billion U.S. dollars) of contract with Iran's Ahdaf Investment Company on Sunday for construction of the second phase of Kangan Petro Refining Complex in Iran's southwestern Bushehr province, Tehran Times daily reported.
According to the report, the contract, which is in the form of an Engineering, Procurement, Construction and Financing (EPCF) Contract, was signed by the two sides' representatives in Iran's capital Tehran.
Asghar Arefi, the managing director of Ahdaf, who signed the contract on Iran's side, said that the first phase of the complex has had a 30 percent progress so far.
According to Arefi, 95 percent of the project's finance will be provided by South Korean banks within nine months. "The most important issue and the most difficult step, after signing the contract, would be finalization of financing agreements with banks and insurance institute of South Korea," he added.
Kangan Petro Refining project encompasses the construction of C2 recovery and fractioning plants as well as ethane cracker and polymer plants.
