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. (CONTINUED - 601 WORDS)