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Shell to Invest $350m in Hamadan Petrochem Co.
Shell to Invest $350m in Hamadan Petrochem Co.

Shell to Invest $350m in Hamadan Petrochem Co.

Shell to Invest $350m in Hamadan Petrochem Co.

Royal Dutch Shell has agreed to invest $350 million in a major petrochemical project in Iran's Hamedan Province, director of the Industry, Mine and Trade Organization at the province said.

“Shell officials have studied the Ibn Sina Petrochemical Complex project in Hamadan based on which the company is to cooperate in technology transfer,” Hamidreza Matin was quoted as saying by Shana on Friday. No further details were available.  

Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in the Netherlands and incorporated in the UK. It is the seventh largest company in the world as of 2016, in terms of revenue and one of the six oil and gas supermajors.

Referring to Shell's extensive experience in the petrochemical sector, the official said that "the company's knowhow is available to a few countries".

Hamadan Ibn Sina Petrochemical Industries, which is building the complex, has reportedly received a $220-million loan from the National Development Fund of Iran for financing part of the megaproject.

According to the company’s website, Ibn Sina Petrochemical Complex will produce 120,000 tons of ethylene oxide, 30,000 tons of ethanol amine and methyldiethanolmine, 50,000 tons of glycol ether as well as 80,000 tons of ethoxylates per year.

Shell recently signed a memorandum of understanding with Iran’s National Petrochemical Company on expanding cooperation in the key petrochemical industry.

Marzieh Shahdaei, NPC managing director, and Hans Nijkamp, vice president of Shell's Upstream International, Middle East and North Africa department, signed the MoU in Tehran this week, paving the way for the return of the firm to Iran.

Shell, which was forced by sanctions to cease trade with Iran in 2010, resumed purchases of Iranian oil in June.

Nijkamp says that his presence in Tehran means that Shell sees “a very positive future for Iran and also for Shell in Iran."

Iran plans to expand its petrochemical output capacity from the current 60 million tons a year to 160 million tons by 2025.

 

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