Managing director of Ahdaf Investment Company, a subsidiary of the Petroleum Industry Pension Fund (PIPF), Asghar Arefi said the deal was signed after one and a half years of efforts.
He said the project will be one of the most lucrative projects in Iran.
Fully owned by the PIPG, Phase I of the project has made 30% progress with €120 m of investment, Arefi said.
Phase II of the project includes 4 plants for production of olefins, LLD, HD and MEG.
The financing of the deal, signed as an EPCF contract, will be carried out in a 9-month period by Korean banks, the official said.
Construction of the project will take 48 months.