Baku, Azerbaijan, April 24
By Trend:
Iran’s National Petrochemical Company (NPC) and China’s CPCIF (China Petroleum & Chemical Industry Federation) signed a memorandum of understanding for cooperation in the petrochemical sector.
Under the deal, the two sides will cooperate in establishing a Petrochemical Industrial Park in Iran, the NPC said.
Hossein Alimorad, director of the Investment Department at NPC, said that document is signed in line with Iran and China agreement to expand petrochemical cooperation which was achieved during president Hassan Rouhani’s visit to China in 2014.
He added that Chinese companies are expected to announce how they will invest and cooperate in various sectors in the park.
According to the MoU, the NPC and NDRC will represent the two countries to expand the two sides' cooperation in the petrochemical sector, he said.
After determining the park’s location, decision will be made by NPC regarding the park’s operation mode and products, considering the local conditions.
Iran’s nominal petrochemical production capacity stands at 73 million tons per year.
The country hopes to bring the capacity to 120 million tons by 2020 and 160 million tons by 2025.
Earlier this month, Reza Norouzzadeh, managing director of NPC, said that Iran’s petrochemical output is expected to reach 63 million tons during the current fiscal year, started March 20.
The official added that currently 60 petrochemical projects with nominal production capacity of 65.4 million tons are underway across the country.
