PetroChina to develop Iran’s methanol plant

Business Materials 14 February 2017 15:28 (UTC +04:00)

Baku, Azerbaijan, Feb. 14

By Emil Ilgar – Trend:

Chinese banks have opened a letter of credit (LC) worth 2.518 billion yuan ($366 million) for developing a methanol plant in Iran, Mehr reported citing Hamed Najmzadeh, an official with National Petrochemical Company, Feb. 14.

The report says Sabalan petrochemical plant, aimed to produce 1.65 million tons per year of methanol, has been developed by 50% and with Chinese LC and involving PetroChina in the project, it would be completed in two years.

Iran announced Feb. 6 that China opened a credit line worth $1.3 billion for developing Iran’s Abadan refinery and China Petroleum & Chemical Corporation (Sinopec) has started the project.

China is Iran’s number one oil client, importing about 600,000 b/d of Iran’s oil during 2016.

China is also Iran’s biggest non-oil trade partner. It exported $8.403 billion to Iran and imported about $6.543 billion (including gas condensate and liquid gases) from Iran during 10 months of Iran’s fiscal year that started on March 21, 2016.