German petrochemical company intends to sell Iran technology despite sanctions

Business Materials 28 June 2015 15:02 (UTC +04:00)

Tehran, Iran, June 28

By Mehdi Sepahvand - Trend:

A German petrochemical company is taking measures to convey the technology to Iran while the sanctions on the Islamic Republic are still valid.

The experts from the Basell Polyolefine GmbH have even traveled to Iran and visited some petrochemical projects in Asaluyeh, southern Iran, IRNA news agency reported June 28.

They have also held several talks with Iranian petrochemical officials and plan to transfer the technology.

The project is said to be worth $300 million.

Iran's annual petrochemical production is expected to hit 50 million metric tons for the current Iranian fiscal year (by March 2016).

The index as of the last year increased by 10 percent compared to the preceding year, increasing from 40.5 million metric tons to 44.5 million.

Basell Polyolefine GmbH produces and markets polyolefins in Germany. Its products are used to manufacture films, cable and pipe coatings, fuel tanks, injection moldings, and household articles. The company operates as a subsidiary of LyondellBasell Industries N.V.

The company has licensing contracts with Iran for Amir Kabir, Kermanshah, Mahabad, Luristan, and Kurdistan petrochemical complexes in Iran.