Iran set a two-month deadline for Oman Oil Company (OOC) to fulfill its obligations over the construction of Hormoz urea and ammoniac production unit in Assalouyeh, southern Iran, the National Petrochemical Company's project manager said here on Monday-MNA reports.
Ahmad Heidarnia said that, "in case of the Omani side's withdrawal, Iran is ready to replace OOC with another domestic or foreign company."
Iran and Oman signed a memorandum of understanding in august, 2009 to jointly construct Hormoz urea and ammoniac production unit in Assalouyeh.
The then Iranian Oil Minister, Gholam-Hossein Nozari, and Omani Commerce Minister Maqbool bin Ali Sultan inked the MOU.
The petrochemical unit is projected to annually produce around one million tons of ammoniac and 650,000 tons of urea.
The project is estimated to cost $800 million. Based on the signed MOU, the project will be financed on a 50-50 basis by the both sides.
The Oman Oil Company is a national oil investment company of Oman. It is wholly owned by the Government of the Sultanate of Oman.