Iran’s National Petrochemical Company (NPC) and China Petroleum and Chemical Industry Federation (CPCIF) signed a memorandum of understanding on Monday to build a petrochemical park in Iran by Chinese companies, NPC said Tuesday.
NPC CEO Reza Norouzzadeh and Chairman of CPCIF Li Shousheng signed the agreement in the Iranian capital Tehran on Monday evening, according to a report on the NPC's public relations website.
Director of investment at NPC, Hossein Alimorad said the agreement was signed subsequent to a 2015 agreement between Iran and China to bolster bilateral relations in the energy sector, especially in petrochemicals.
NPC and CPCIF will seek to enhance petrochemical relations between Iran and China, NIPNA said, adding the project would be constructed "after precise considerations by the two sides".
NPC, as the sole custodian of development of the petrochemical industry in Iran, will provide the paramount land for construction of the park by Chinese companies, added Alimorad.
The government of the Islamic Republic of Iran owns NPC, a subsidiary of the Iranian Oil Ministry.
CPCIF is a “non-government, not-for-profit organization consisting of companies, institutes, sectional associations and local associations in the petroleum and chemical industry on a voluntary basis," according to a statement on the group's website.
It is "the umbrella organization that provides service and implements certain administrative functions within this industry on the national level".
By Hale Turkes