Korea investment in Iran

South Korea to invest in Hormuzgan projects

from: www.iran-daily.com/News/155572.html

South Korean investors are eager to invest in Iranian oil terminals, solar power plants, synthetic cycle power plants and port facilities in Hormuzgan Province.

Governor General of Hormuzgan Province Jassem Jadori said that investors will extend $96 million to the province’s mining sector for the first time, Shana reported.

Jadori said a memorandum of understanding (MoU) was signed to this effect by the private sector and South Korean investors based on which a joint Iranian-Korean company will be registered in the next two months to follow up South Korean investment in Hormuzgan Province.

Meanwhile, representatives of Hyosung Corporation, a South Korean industrial conglomerate, visited Mahshahr Special Petrochemical Economic Zone in Khuzestan Province.

A delegation from Hyosung Corporation toured Fajr Petrochemical Company (FPC) on Saturday to explore business and investment opportunities in the economic zone, Shana reported.

During the one-day visit, the South Korean delegation held talks with the head of the FPC on feedstock supply, production, production procedures and cost of products.

Both sides agreed to sign a cooperation document to develop joint projects in the near future.

Hyosung is engaged in textile, industrial materials, chemical, heavy industry, construction, trading and financial businesses. Its textile business manufactures spandex yarns, polyester yarns and nylon yarns. Its industrial materials business provides tire cords, steel cords, carpets and others. Its chemical business mainly provides propane propylene (PP), polyethylene terephthalate (PET) bottles, nylon films and polyester films.