BAKU, Azerbaijan, April 30. Iran's Navid Zar Chimi will participate in the West Asaluyeh gas field and Kangan gas pumping station development projects, Trend reports.
Memorandums of Understanding were signed today (April 30) in Tehran to develop several gas fields. Iran's Oil Minister Javad Owji, Deputy Oil Minister and Executive Director of the National Oil Company Mohsun Khojastmehr, Deputy Oil Minister and Executive Director of the National Petrochemical Company Morteza Shahmirzaei, and other officials attended an event.
Navid Zar Chimi Company will invest $600 million in the above projects, and these projects are expected to contribute 44 million cubic meters of gas to Iran's gas production.
Meanwhile, a memorandum of understanding worth $6.4 billion was signed in Tehran on April 30 between Iran's National Gas Company and local companies to increase gas production by 127 million cubic meters per day.
To note, Iran is considered the world's second-largest gas reserve country, with gas reserves of about 34 trillion cubic meters. Presently, 22 gas fields are operating in Iran. Iran produces 1.07 billion cubic meters of rich gas daily from its gas fields.
Navid Zar Chimi Industrial Company, a private joint stock company, was established in 1999 to meet the increasing demands of polypropylene products both for local and international markets. Located in Bandar Imam Special Economic Zone, Khouzestan Province, the plant is close to the Amir Kabir Petrochemical Company olefin cracker. the production facility was commissioned and started up in September 2004.
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