Dutch firm to sell technology to Iranian petrochemical company

Business Materials 29 June 2015 18:08 (UTC +04:00)

Baku, Azerbaijan, June 29

By Fatih Karimov - Trend: A renowned Dutch firm will sell technology to Iran 's Kermanshah Petrochemical Company, said Ahmad Reza Ashtari, the managing director of Kermanshah Petrochemical Company.

The modern technology, named Stamicarbon, will be used in the second phase of development of Kermanshah Petrochemical Company, Iran 's IRNA news agency quoted Ashtari as saying June 29.

In this line, a contract has been signed with the Dutch company to acquire license and implement the project in engineering, procurement and construction (EPC) method, he said, without referring to the name of the Dutch company.

Meanwhile, experts from Germany 's Basell Polyolefine GmbH have even traveled to Iran and visited some petrochemical projects in Asaluyeh, southern Iran.

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.

Ahmad Mahdavi Abhari, secretary of the Association of Petrochemical Industry Corporations, said in April that the country's petrochemical sector is capable of attracting $70 billion in domestic and foreign investment.

He added that Iran 's petrochemical companies are in a very good shape in terms of export and sale of petrochemical products.

A total of $14 billion of petrochemical products were exported by Iranian companies in the past Iranian fiscal year, ended on March 20, showing good potential of these companies to attract domestic and foreign investments, Abhari said.

Edited by CN