IRAN: PetroChina to resume petchem activity in Iran

A fresh round of talks has kicked off with PetroChina Company Limited over resumption of cooperation in Iran’s petrochemical industry.

Following the USD 3 billion financing contract with China’s Sinopec for development, renovation and optimization of Azadan refinery complex, the East Asian country is reopening Lines of Credit (LOCs) and finances to the Iranian petrochemical industries.

In other words, following the signing of a cooperation agreement with CNPC in South Pars Phase 11, Chinese companies have become further determined to bolster cooperation in Iran’s oil refinery and petrochemical sectors.

Accordingly, Chinese firms have opened a new LOC worth USD 2.518 billion for a new methanol complex in Iran.

Managing Director at Genaveh Dashtestan Petrochemical Hamed Najmzadeh pointed to opening a credit line for financing Sabalan petrochemical complex by the Chinese saying “the methanol production unit is presently 50% through.”

The official, while emphasizing that the project aims at an annual methanol production of 1.65 million tons, underlined “given the reopening of Chinese LOC, the plant is expected to come on stream within two years.”

Source: Mehr News Agency, Tehran; 15 Feb 2017

(Syed Rashid Ali, Karachi, Pakistan)