Oman Oil Company halts cooperation with Iran

Oil&Gas Materials 19 May 2011 16:34 (UTC +04:00)

Azerbaijanç Baku, 19 May/Trend/

The Oman Oil Company has ceased its cooperation in Hormuz petrochemical complex, reported Mehr News Agency.

"It seems Oman Oil Company has no interest to invest in Hormuz Petrochemical Complex," National Petrochemical Company Project Director Ahmad Reza Heydarnia said in an interview with Mehr News Agency.

Under an agreement signed by Oman Oil Company with Iran National Petrochemical Company during King Sultan Qaboos's visit to Tehran in 2009, Oman Oil Company holds 50 percent of Hourmuz petrochemical project and agreed to participate in establishing a urea and ammoniac production unit. This unit planned to produce 1.650 million tons urea and ammoniac a year.

Oman Oil company announced its withdrawal recently and Iran will assign Oman's share of the project to other foreign investors, Heydarnia noted.

The United States and European Union have imposed sanctions since the summer of 2010 against Iran, especially targeting its oil sector, due to its disputed nuclear program.

According to the International Monetary Fund (IMF), Iran is the third largest country in the Middle East and Central Asia in terms of exports and imports.