15017
Veniran Operations End
Energy

Veniran Operations End

The Iranian and Venezuelan joint venture company, Veniran, will stop operating in domestic petrochemical projects due to a lack of funding by the Venezuelan side, managing director of the Persian Gulf Petrochemical Industrial Co. (PGPIC) said.
"Veniran's operations in the Apadana Petrochemical project and Bid Boland 2 Refinery [in south Iran] will come to a halt, but the company will not be dissolved," Adel Salimnejad said, implying the opportunity for participation of newcomers in the two projects, IRNA reported Monday.
Iran and Venezuela signed a contract in 2007 to construct a methanol-producing plant in Asaluyeh under the Veniran [Venezuela-Iran] joint-venture. The plant was to be built in three years, but the project has yet to be completed.
Repeated delays of Venezuelan investors to fulfill their commitments prompted Iran to end cooperation with the South American contractors on current projects. Veniran in the Pars Special Economic Energy Zone was touted as the biggest Venezuelan overseas oil contract at the time.
Plans call for launch of the first phase of Bid Boland 2 Refinery in the Persian Gulf by 2017 with the capacity to process 150,000 cubic meters of gas per day. Veniran has 5 percent stake in the refinery project.
In addition, close to $12 million in foreign exchange and 350 billion rials so far has been invested in the Apadana complex. It is set to come online in three years.
Iran and Venezuela signed several oil, gas and petrochemical agreements during the era of the late Venezuelan president Hugo Chavez, such as establishing a joint oil tanker company, developing oil and gas fields in the two countries (phase 12 of South Pars gas field in the Persian Gulf and Venezuela's Dobokubi) and building an oil refinery in Syria. But the joint projects did not come to fruition.

 

Short URL : http://goo.gl/jtiBz5

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
Private Investors Get Green Light for Renewable Exports
The Energy Ministry has called on the Renewable Energy and...

Trending

Googleplus