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Iran sets condition for China to finance its petchem projects

Business Materials 23 August 2018 11:06 (UTC +04:00)

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Tehran, Iran, August 23

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National Petrochemical Company's deputy for investment set out a series of conditions for China if it wants to participate in Iran’s petrochemical projects, including steps by Chinese firms to team up with their Iranian counterparts and transfer technology to the country.

“The Chinese should help build equipment (for Iran) in cooperation with a capable Iranian firm and facilitate transfer of technology,” Hossein Alimorad told IRNA on August 23.

He also said China must promise that Iranian petrochemical projects will have no restrictions supplying their equipment needs from countries other than China.

The official stressed that major Iranian firms are duty bound to begin talks with Chinese companies and reach agreements with them.

Officials say China accounts for nearly 40 percent of Iran's petrochemical and 70 percent of polymer exports.

The world's biggest energy consumer is also the top customer of Iranian crude oil, ahead of India, Japan and South Korea.

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