Iran signed its second refining and third petchems deal since sanctions were lifted – both with Korean firms. $15bn of Korean project finance is also lined up.

Iran’s Bahman Geno has signed a memorandum of understanding with Korea’s Daewoo Engineering and Construction for construction of a 300,000 b/d refinery in Iran’s southern Hormozgan province. Korea’s Hyundai Engineering and Construction is expected to join Daewoo in the project.

Korea’s Yonhap news...