Korea Wins $3.2bn Iran Petchems Project; Post-Sanctions Downstream Deals Hit $15bn

Backed by $15bn of government finance, Korean contractors have led Iranian downstream deals since the January 2016 lifting of sanctions.

Korea’s big push into the Iranian downstream sector continues with the award by Ahdaf Investment Company – a subsidiary of Tehran’s Petroleum Industry Pension Fund (PIPF) – of a €3bn ($3.2bn) polyolefins contract to Hyundai Engineering.

Ahdaf owns Kangan Petro Refining Company (KPRC), which is developing a gas processing plant and linked polyolefins complex at Assaluyeh, where gas from the offshore South Pars field is delivered by pipeline for processing.

KPRC’s ethane recovery and petchems plants will be built alongside the onshore complex for treating gas from Phase 12 of the supergiant South Pars gas field. This was the largest of the South Pars development projects, starting up in early 2015 with capacity to deliver 2.8bn cfd of gas (MEES, 28 August 2015).


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