Baku, Azerbaijan, Sept. 14
By Fatih Karimov - Trend: A European company signed a deal, worth €500 million, to establish a water desalination unit in Iran's Damavand Petrochemical Company.
Hossein Shahryari, the managing director of Damavand Petrochemical Company, said that preliminary talks have been done and the method of cooperation has been finalized, Iran 's Shana news agency reported Sept. 14.
Since Damavand Petrochemical Company has already worked with this renowned European company it is interested in resuming cooperation, Shahryari said, but did not provide any information about the European company.
The Islamic Republic of Iran has planned to attract $70 billion investment in the next 10 years to increase petrochemical output to 180 million tons per annum.
Before sanctions were imposed in mid-2012, Iran was exporting about 21.226 million tons (MT) of petrochemical products worth $15 billion. But the figure decreased to 14.492 MT in a fiscal year corresponding to 2012 and this level had been kept unchanged until last year, when the figure increased by 18.8 million tons.
Edited by CN