Backed by $15bn of government finance, Korean contractors have led Iranian downstream deals since the January 2016 lifting of sanctions.

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...