2052
Venezuela Given Ultimatum over Delayed Project
Energy

Venezuela Given Ultimatum over Delayed Project

Venezuela was given a last warning by the National Petrochemical Company (NPC) to complete the Veniran petrochemical complex in Iran.  The joint project is nearing its seventh year of development, Mehr news agency reported.
The repeated delays of Venezuelan investors to fulfill their commitments in the project prompted the NPC to end cooperation with the South American contractors.
The Rouhani administration has given the green light to European firms to resume operations in the oil, gas and petrochemical industries, whereas talks with South American nations have made little headway.
Former president Mahmoud Ahmadinejad and the late Venezuelan leader Hugo Chavez agreed on the construction of the Veniran complex in Asaluyeh in southern Iran 7 years ago with a production capacity of 1.65 million tons per year.
The new methanol-producing plant was to be built in cooperation with Venezuelan investors in 3 years, but the project has yet to be completed. Veniran in the Pars Special Economic Energy Zone was touted as the biggest Venezuelan overseas oil contract at the time.
The NPC and the Venezuela’s state-owned Pequiven each hold a 49 percent stake in the project.
The remainder is shared by Iran’s Petrochemical Industries Investment Co. (PIIC) and Venezuela’s International Petrochemical Holding Ltd. (IPHL).
The complex needs approximately $500 million of investment according to estimates, but has made little progress in the past seven years as the funding resources are still unclear.
Iran and Venezuela signed several gas, oil and petrochemical agreements during the Chavez era, such as establishing a joint oil tanker company, developing oil and gas fields in the two countries (phase 12 of South Pars in the Persian Gulf and Venezuela's Dobokubi) and building an oil refinery in Syria, but the joint projects have yet to come to fruition.
Project manager of NPC, Marzieh Shahedayi said that Iran was to carry out a similar project in Venezuela, but the project is in limbo.
In view of the slow progress of the Veniran project, NPC will consider replacing the Venezuelan investors, she noted.

 

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

You can also read ...

Saudi Arabia supplied 4.29 million tons, or 1.01 million bpd, to China in January.
Russia remained the top crude oil supplier to China in January...
Substantial Change in Global Energy Trade, as Role of Electricity Rises
The new World Energy Outlook is the story of a series of...
Saudis See Oil Output Cuts Easing in 2019
OPEC and its allies, including Russia, may next year ease the...
Plans are in place to cooperate with neighboring states, namely Turkey and Turkmenistan, that have more water resources so that Iran can increase its share from joint water basins.
Serious negotiations are underway with water-rich neighboring...
Plans to Increase Sarkhoun Output
Close to 98.5 billion cubic meters of natural gas have been...
30% Domestic Share in  Unit International Deal
Domestic equipment manufacturers will have a 30% share in the...
Call for Greater Support for Renewables
Heightened concerns over the shortage of natural resources and...

Trending

Googleplus