TEHRAN (NIPNA) — Iran is hoping to sign a $1.5 billion deal with South Korean firms for establishment of a petro-refinery project.
A member of the Board of Directors of Masjed Soleiman Petrochemical Company says his company has plans to ink a contract with a Korean consortium for financing and construction of a petro-refinery in Iran.
Ali Seifian said intensive talks are under way with well-credited German, Chinese and Korean companies for development of Zilaie Energy Zone in Masjed Soleiman, as the second petrochemical hub in Khouzestan Province, southwestern Iran.
He said talks with renowned companies from Korea are on the go for financing and developing a petro-refinery facility as well as downstream and utility plants near phase 1 of Masjed Soleiman petrochemical project, whose construction has shown favorable progress.
He said at least 1.5 billion dollars will be needed for development of these units.
Seifian said the initial agreements with the Korean consortium has been finalized and its official inking will follow receipt of necessary licenses for financing by the Korean company and the government of the country.
He also added that the deal’s value can reach up to 5 billion dollars, adding Zilaei Energy Zone is especially focused upon by leading Germany and Korean companies for development of petrochemical facilities.