IRAN: PGHC to ink USD 7 billion petrochemical deal with European firm

Iran's Persian Gulf Holding Company (PGHC) is to sign a USD 7 billion deal with a prominent European company to develop a petrochemical project in Assaluyeh, south of Iran, PGHC head said.

Adel Nejad Salim told Shana that PGHC has held very constructive talks with major petrochemical firms in Europe and Asia since removal of sanctions and the outcome of the talks will begin to become manifest in the coming months. "Over the course of the past 12 years, the relations between Iran's petrochemical industry and foreign firms was nearly severed, but during the past two years, given the removal of western sanctions, ground is being paved for restoration of Iran's relations with other countries, as we have so far signed a number of significant MoUs with foreign sides," said the official.

He said a leading European company has proposed to invest over USD 7 billion for development of a petrochemical project in Assaluyeh, adding the 5-year project entails all parts of the value chain and will provide new petrochemical products in Iran.

Source: Shana News Agency, Tehran; 4 Apr 2016
(Syed Rashid Ali, Karachi, Pakistan)