Iran, Venezuela revoke petrochemical partnership

Business Materials 5 November 2016 12:44 (UTC +04:00)

Baku, Azerbaijan, Nov. 5

By Khalid Kazimov – Trend:

A partnership deal between Iran and Venezuela for constructing a petrochemical plant in the Islamic Republic has been revoked due to the South American nation’s economic crisis.

Former presidents of Iran and Venezuela, Mahmoud Ahmadinejad as well as Hugo Chavez, about 10 years ago agreed on a deal to establish the petrochemical plant with an annual capacity for producing 1.65 million tons of methanol in Iran's Asaluyeh energy hub, Mehr news agency reported.

Iran’s Persian Gulf Petrochemical Industry Co has already purchased the whole share of Venezuela from the $500 million project, the report added.

The project, so far, has been completed by 26 percent and there are talks underway with international investors on financing it.