Baku, Azerbaijan, Aug 2
By Khalid Kazimov – Trend:
Iran and South Korea are planning to finalize a deal on investment in a project for building a petrochemical unit in the Islamic Republic.
Ali Seyfian, a member of board of directors at Masjed Soleyman Petrochemical Industries Co, has said that the deal is valued at $1.5 billion, IRNA news agency reported.
According to the official, the petrochemical unit will be constructed in the southwestern province of Khuzestan.
However, the deal still needs to be approved by the Korean government, he added.
Iran’s capacity for producing petrochemicals currently stands at 61 million tons per year. Iran has several petrochemical projects in development, which promise to increase the country's total output to 160 million tons per year by March 2025.
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