Iran's petrochemical PIIC Group eager to cooperate with Azerbaijani companies

Iran's petrochemical PIIC Group eager to cooperate with Azerbaijani companies

Baku, Azerbaijan, June 2

By Dalga Khatinoglu - Trend:

A giant Iranian petrochemical company holding nine production and four service subsidiary companies is eager to cooperate with Azerbaijani companies.

The Managing Director of Iran's Petrochemical Industrial Investment Company (PIIC Group) Fereidoun Fadaei Dolat told Trend June 2 that this company is keen to make joint ventures with Azeri companies or make joint investments with Azerbaijanis inside and outside the country.

Fadaei Dolat said that PIIC Group consists of nine production and four service subsidiary companies and its major export targets are Iraq, Turkey and Afghanistan.

Iran's petrochemical production increased 7 percent to 44 million tons last year.

PIIC Group also increased production volume by 35 percent while it's new sulfuric acid production unit will become operational in Kermanshahr city in near future.

The company's two major shareholders are the Social Security Investment Company (also known as SHASTA) and Tamin Petroleum & Petrochemical Investment Company (TAPPICO).

PIIC Group participated in 22nd international Caspian Oil and Gas Exhibition and Caspian Power 2015, held in Baku on June 2.

Before sanctions Iran's petrochemical export was about 21 million tons, but decreased to 14.5 million tons in 2013. After achieving an interim nuclear deal in November 2013, which led to lifting western sanctions on Iran's petrochemical exports, the country's petchem export increased to about 18 million tons in 2014.

Iran's petchem production capacity is about 60 million tons, but practically the volume reached 44 million tons last year. The country planned to increase this volume to 70 million tons in coming years.

Fadaei Dolat says the sanctions, especially those that were imposed over money transferring to Iran (SWIFT), are still affecting the country's petrochemical exports.

"We hope that sanctions would be lifted by achieving the final nuclear deal between Iran and P5+1," he said.

Iran and P5+1 are negotiating to reach a comprehensive nuclear deal by June 30.

Edited by CN

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