Baku, Azerbaijan, Sept.17
By Fatih Karimov - Trend:
Russian oil and gas company, RAO Rosneftegazstroy, has agreed to establish a petrochemical complex in Iran.
The agreement was signed by Iranian Oil Minister Bijan Namdar Zanganeh and Russian Energy Minister Alexander Novak at the end of the 11th meeting of Iran-Russia Joint Economic Cooperation Commission, which was held in Tehran on September 9, Iran's Mehr news agency reported on September 17.
According to the agreement, the Russian company will build a fertilizer plant, named Hormoz, in the southern region of Assalouyeh, which is the gas hub of Iran.
Iran's Deputy Oil Minister Ali Majedi said that by signing the memorandum the two countries will open a new chapter in bilateral cooperation.
Iran and Oman signed a memorandum of understanding in August 2009 to jointly construct the Hormoz fertilizer plant.
In February 2011, Iran set a two-month deadline for Oman Oil Company to fulfill its obligations over the project. Later the contract was halted due to Oman Oil Company's repeated delays.
The petrochemical unit was projected to annually produce around one million tons of ammoniac and 650,000 metric tons of urea.
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