Iran, Germany sign $2bn petchem MoU

Oil&Gas Materials 25 May 2016 21:59

Baku, Azerbaijan, May 25

By Emil Ilgar - Trend:

Irand and Germany's ADKL Company signed a $2-billion memorandum of understanding to develop Masjed Soleyman petrochemical complex.

The worth of deal can be increased to $10 billion in future, Shaha reported on May 25.

Before, the Marketing and Tenders Director of Masjed Soleyman Petrochemical Industries Co. Hanieh Sojoudi told Trend in December 2015 that the company is in talks for attracting foreign investors for completing its phases two to four.

The project was first planned to produce 1250 metric tons or urea and 2000 metric tons of ammonia per day, but now olefin, propylene, ammonium sulfate, lactic acid, and citric acid are also meant to be among the products, she told Trend December 15.

Iran's petrochemical production capacity is around 60 million tons per year, but the country has planned to double this figure by 2021.