Active Mixed AidData Chinese Aid

Hakan Energy Company provides EUR 2.5 billion oil-backed loan for Phase 2 of Imam Khomeini International Airport Expansion Project

$2.5M USD

Funder	Hakan Energy Company («هاکان انرژی»)
Recipient Organization	Government of Iran
Country	Iran
Start Date	Nov 01, 2023
End Date	Dec 22, 2029
Duration	2,243 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`108432`

Grant Description

Hakan Energy Company provides EUR 2.5 billion oil-backed loan for Phase 2 of Imam Khomeini International Airport Expansion Project In March 2021, the Chinese Government and the Government of Iran signed a $400 billion, 25-year strategic partnership agreement, which called for the implementation of Phase 2 of the Imam Khomeini International Airport Expansion Project.

Then, in early November 2023, Hakan Energy Company («هاکان انرژی») — a consortium of Chinese state-owned entities — signed an EUR 2.5 billion oil-for-infrastructure loan (EPCF) agreement for Phase 2 of the Imam Khomeini International Airport Expansion Project.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

However, it is known that the loan is collateralized against future oil export receipts.

The purpose of Phase 2 is the construction of a new (second) terminal in Tehran's Imam Khomeini International Airport (IKA). The project is expected to be undertaken across 410,000 hectares of land located to the south of the airport.

Hakan Energy Company (the EPC contractor) asked that a domestic (Iranian) contractor be selected to help implement the project on behalf of the project owner (Iran’s Ministry of Roads and Urban Development).

Khatam al-Anbiya Construction Headquarters (KAA) — an Iranian engineering firm controlled by the Islamic Revolutionary Guard Corps (IRGC) — was ultimately selected. The project’s official groundbreaking ceremony took place on November 25, 2023.

Then, in early December 2023, the CEO of Imam Khomeini Airport City Company disclosed that the first loan disbursement of EUR 500 million (for ‘stage 1’ of Phase 2) had been received.

However, in 2024 and 2025, various media reports indicated that Hakan Energy Company was teetering on the brink of bankruptcy and had limited its involvement in the implementation of Phase 2 of the Imam Khomeini International Airport Expansion Project.

📋 Staff Comments

Imam Khomeini International Airport is operated by Imam Khomeini Airport City Company, a state-owned entity under Iran's Ministry of Roads and Urban Development.
Khatam al-Anbiya Construction Headquarters (KAA) is an Iranian engineering firm controlled by the Islamic Revolutionary Guard Corps. The firm, also known as GHORB, is the IRGC's major engineering arm and one of Iran's largest contractors in industrial and development projects.
One source (https://www.irna.ir/news/85302587/%D8%AA%D8%A7%D9%85%DB%8C%D9%86-%D8%A7%D8%B9%D8%AA%D8%A8%D8%A7%D8%B1-%DB%B5%DB%B0%DB%B0%D9%85%DB%8C%D9%84%DB%8C%D9%88%D9%86-%DB%8C%D9%88%D8%B1%D9%88%DB%8C%DB%8C-%D8%A8%D8%B1%D8%A7%DB%8C-%D8%A8%D9%87%D8%B1%D9%87-%D8%A8%D8%B1%D8%AF%D8%A7%D8%B1%DB%8C-%D8%A7%D8%B2-%D8%A8%D8%AE%D8%B4-%D8%A7%D9%88%D9%84-%D9%81%D8%A7%D8%B2) indicates that EUR 500 million was earmarked for the first stage of Phase 2. Another source (https://khatenergy.ir/oil-21023/) indicates that EUR 600 million was earmarked for the first stage of Phase 2. This discrepancy warrants further investigation.
The Farsi project title is توسعه فاز دوم فرودگاه امام خمینی.

📚 Sources & References

Iran awards $2.7bn airport project to Chinese contractor
IRAN AND CHINA SIGN AN OIL EXCHANGE AGREEMENT WORTH 2.5 BILLION EUROS
Iran and China have signed a 2.5 billion euro oil barter agreement
Iran awards $2.7bn airport project to Chinese contractor
中企与伊朗签订27亿美元机场扩建项目大单将使用易货机制支付
IKIA to become new air transportation hub in West Asia
Bazrpash: China to invest €2 billion in constructing IKIA’s second phase
Iran and China partner to expand Imam Khomeini International Airport
Iran
China reach new agreements under 25-year partnership
Road Minister: 2nd phase of IKIA Airport will be constructed
Iran Pursues Collaboration With China Amid Oil Discounts
Iran reaches barter deal with China for $2.7bn renovation of Imam Khomeini airport, جزئیات 20 تفاهم‌نامه‌‌‌‌‌ ایران و چین در 3 حوزه‌‌ عمرانی، انرژی و پولی/ سرمایه‌گذاری چین در قطار سریع‌السیر تهران-مشهد
Iran’s President Visits China Amid Tensions With U.S., از نگاه رسانه‌ها, سرمایه گذاری ۲.۵ میلیارد یورویی چین در فاز ۲ فرودگاه امام (ره), تامین اعتبار ۵۰۰میلیون یورویی برای بهره‌برداری از بخش اول فاز ۲ شهر فرودگاهی امام (ره), تامین اعتبار ۵۰۰ میلیون یورویی برای بهره‌برداری از بخش اول فاز ۲ شهر فرودگاهی امام(ره)
Implementation of Phase 2 of Imam Khomeini Airport with an investment of 2.5 billion euros, هاکان-انرژی-همتای-قرارگاه-خاتمال
Iran expands IKIA Airport under a Euro 2.5 Bln oil barter deal, تهاتر نفت با چین برای توسعه فرودگاه امام, بازارسازی برای 50 میلیون بشکه‌ نفت ایران با اجرای فاز دوم توسعه فرودگاه امام, تهاتر نفت با چین برای توسعه فرودگاه امام, تهاتر نفت با چین، 6 پروژه و 3 نکته, بذرپاش: توسعه فاز دوم فرودگاه امام خمینی (ره) با ۲.۵ میلیارد دلار اعتبار و ساخت ۴۱۰ هزار مترمربع ترمینال/ رکورد پروازهای عبوری از ایران شکسته شد, پاسخ‌های کارشناسی به چند سوال درباره ترمینال ۲.۵ میلیارد دلاری شهر فرودگاهی امام خمینی(ره), مذاکره با شرکت چینی برای ساخت ترمینال فرودگاه امام خمینی, آغاز عملیات احداث فاز دوم فرودگاه امام خمینی (ره)
Iran Says China To Invest In Expanding Tehran's International Airport
China to Invest €2 Billion in Constructing IKIA’s Phase II: Roads Minister
Imam Khomeini Airport City Masterplan, جزئیات فرآیند تهاتر نفت برای توسعه فاز دوم فرودگاه امام خمینی/ تاکنون ۵۰۰ میلیون یورو توسط چین اعتبار تامین شده است, شوآف چلندری و هاکان انرژی در توسعه فاز ۲ فرودگاه امام چقدر زیان روی دست کشور گذاشته است؟ Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.