Economy, Business And Markets

Ireland in Petrochem Talks

Ireland in Petrochem Talks
Ireland in Petrochem Talks

The Islamic Republic of Iran and the Republic of Ireland have discussed a joint venture to build petrochemical facilities and refineries, said Iranian lawmaker Jalil Jafari, who is also a member of Iran-Ireland Parliamentary Friendship Group.

Jafari said the proposal for the joint investment was discussed in Dublin during a visit by Iran’s parliamentary delegation last month, Securities and Exchange news agency said in a report.    

The MP added that the Irish side was not willing to buy Iran’s fossil fuel since they import natural gas and liquefied petroleum gas (LPG) from Britain. But they were eager to take part in a joint project to build petrochemical factories and refineries either in Iran or Ireland, added Jalili.

Based on the report, further discussions over the joint venture are to continue once an Irish high-ranking delegation, headed by the Minister of Agriculture Simon Coveney, visits Tehran next spring.

On September 19, a delegation of Iranian lawmakers left Tehran for Dublin to meet with Irish legislators. The chairman of the Irish Senate, Paddy Burke, described the visit as a sign of the two governments’ strong will to enhance bilateral ties.

The high-level political visits further continued when Irish parliament speaker Sean Barrett met President Hassan Rouhani in Tehran last Wednesday. During the meeting Rouhani called on the two sides to pave the way for strong interaction between private and state-run investors and entrepreneurs of the two countries.

In 2012, Ireland closed its embassy in Tehran citing lack of funds and disappointing trade relations with Iran. However, in recent months, Irish MP’s have discussed the reopening of the site if European Union sanctions on Iran further relax. When sanctions were introduced back in 2012, trade between the EU and Iran was more than $35 billion annually but is now down to less than $8 billion.