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Chinese Firm May Invest $5b in Iran Petchem Projects

Service : Economy
TEHRAN, May 25 (ICANA) – A Chinese firm has announced readiness to invest $5 billion in petrochemical projects at Mahshahr Special Economic Zone, southwest of Iran.
Wednesday, May 25, 2011 10:52:37 PM
Chinese Firm May Invest $5b in Iran Petchem Projects

Some representatives from the company will visit Mahshahr next week.

The Asian company has also started negotiations with National Petrochemical Company of Iran for construction of a giant methanol producing unit in Pars Special Energy Zone.

Iran’s 20-Year Outlook Plan envisions the petrochemical output to reach 100 million tons by 2015 which is the end of the fifth five-year development plan.

By then, 61 petrochemical projects will come on stream at the cost of $43 billion.

Iranian Foreign Minister Ali Akbar Salehi has said that the Islamic Republic is a major and reliable source for China to meet its energy needs, Press TV reported.

At a meeting with employees of the Iranian Embassy in Beijing on Monday evening, Salehi said that Iran -- given its rich energy reserves -- can be a reliable and trustworthy trade partner for China, Press TV quoted IRNA as reporting.

According to Iranian Minister of Economic Affairs and Finance Shamseddin Hosseini, Iran and China are going to establish a “joint oil and gas committee” to accelerate the implementation of joint energy projects and to strengthen Sino-Iranian ties in the field of energy.

The Iranian finance minister added that a memorandum of understanding on trade and economic cooperation was signed by Tehran and Beijing on April 21, which also called for the establishment of the Iran-China joint oil and gas committee.

Iran is currently China’s third largest supplier of crude oil, providing it with roughly 12 percent of its total annual oil consumption -- nearly one million barrels per day.

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