Iran, Indonesia ink petchem deal

Business Materials 14 December 2016 20:10 (UTC +04:00)

Baku, Azerbaijan, Dec. 14

By Fatih Karimov – Trend:

The National Petrochemical Company (NPC) of Iran signed a memorandum of understanding with an Indonesian company for cooperation in petrochemical sector, Mehr news agency reported Dec. 14.

Under the deal, an Indonesian firm will carry out feasibility study of four petrochemical projects in Iran, Hossein Alimorad, the director of the Investment Department at the NPC, said.

The official did not reveal the Indonesian company’s name.

Based on the studies’ results one or two projects will be chosen for investment, Alimorad said.

Iran’s actual petrochemical output capacity is around 63 million tons per year.

The country hopes to bring the capacity to 120 million tons by 2020 and 160 million tons by 2025.