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South Africa’s Sasol seeking way back to Iranian petrochemical industry

Business Materials 22 August 2015 14:07 (UTC +04:00)

Tehran, Iran, Aug. 22

By Mehdi Sepahvand - Trend:

The South African company Sasol has expressed willingness to return to the Iranian petrochemical industry, CEO of the National Iranian Petrochemical Company Abbas Sheri Moqaddam said.

According to Moqaddam, recent developments in the global oil market have made the company consider returning to Iran, SHANA news agency reported August 22.

"As international oil prices have dropped, projects of turning gas into oil products in Northern America are no more justifiable economically, therefore the company is seeking investment in Iran with much more profit, especially since the company has had a good experience in Iran," he said.

He said the National Iranian Petrochemical Company prioritizes foreign investment to fund its projects rather than domestic financial sources.

The National Iranian Petrochemical Company and Sasol jointly launched the Arya Sasol Polymer company in southern Iran.

The firm is Iran's biggest olefin factory built in an area of 78 hectares in the Pars Special Economic Zone. The Iranian and South African sides hold 50 percent of the company's shares each.

The company's annual output will be one million metric tons of ethylene, 300,000 metric tons of light polyethylene, and 300,000 metric tons of mid-and heavy polyethylene.

The firm's annual input of 1.267 million metric tons of ethane is procured from the same zone.

The company took €1.35 billion investment, put by Iran and South Africa equally.

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