Tehran’s sixth post-sanctions refining deal is for a large condensate processing complex, taking Korea’s potential outlay on Iranian downstream projects to $17bn.

Siraf Refineries Park, a part-privatized subsidiary of Iranian state refiner NIORDC has signed a heads of agreement with Korea’s Hyundai Engineering and Construction and Daelim, and Japan’s Chiyoda for the development of eight condensate splitters with a combined capacity of 480,000 b/d.

The Siraf project...