Details of Iran’s New oil Contracts with South Korea and Turkey | ||
Details of Iran’s New oil Contracts with South Korea and Turkey As a new round of US Treasury’s sanctions against Iran’s petroleum and petrochemical industry began, and despite increasing international sanctions, Iran signed two contracts to construct new petrochemical plants with the help of South Korean and Turkish investors in order to halt exportation of raw petrochemical products. Abolhossein Bayat, Iran’s Deputy Petroleum Minister, mentioned the signing of the new contracts with Turkey and South Korea for construction of supplementary petrochemical plants and said: “Therefore a contract has been signed to construct a PVC compound unit with a capacity of approximately 350 thousand tons and with a consortium comprising of Iranian and Turkish companies.” Iran’s Deputy Petroleum Minister announced the signing of another contract between Iran and South Korea to construct a new petrochemical unit and further added: “The construction of this new supplementary petrochemical plant is aimed at manufacturing 30 thousand tons of alloys and polymeric compounds per year.” Mohammad Ziar, the head of the office of Expansion of Supplementary Industries of the National Petrochemical Company, explained the details of the two contracts and said: “the total investment value of the signing of the two contracts and the executive agreements with Turkish and South Korean companies is about $45 million in the foreign currency segment and 44 billion Rials in the local currency. He added that another executive agreement has been signed between Persian Gulf Holding and a Turkish company to complete the value chain of the PVC and explained: “The purpose of the signing of the contract is to reduce the exportation of raw PVC petrochemical products with an added value. | ||
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