Iran's National Petrochemical Company (NPC) and a Russian oil company “recently signed a memorandum of understanding after near three years of talks over the construction of a petrochemical complex in the second phase of the Pars Special Economic Energy Zone (PSEEZ) in Assaluyeh,” Mehr news agency reported.

“Under the agreement, the Russian side will invest 1.5 billion dollars in constructing the complex,” the report added without revealing the name of the Russian company.

Urea fertilizer and ammonia will be the main products of the joint petrochemical complex.

Moscow has many times stressed that Russian companies are eager to invest in Iran's oil and gas projects and that Russia will be a reliable partner for Iran in its oil and gas fields.