China Petroleum and Chemical Industry Federation signed a memorandum of understanding with Iran’s National Petrochemical Company for the construction of a petrochemical park in Iran.
The signatories were Li Shousheng, the head of CPCIF, and Seyyed Reza Norouz-Zadeh, the head of NPC, who met late Monday in Tehran, Shana reported.
According to Hossein Alimorad, NPC’s director for investment, as per the agreement, China’s National Development and Reform Commission (NDRC), on behalf of the two sides, has started studies to identify the best locations for establishing the petro-park and will submit its proposals to NPC.
After gaining the Oil Ministry’s approval, NPC and NDRC will embark on preparing the petrochemical region.
Alimorad said the agreement comes in the wake of “fruitful negotiations between President Hassan Rouhani and China’s President Xi Jinping during his visit to Iran in January 2016 for expansion of economic ties”.
Chinese companies and contractors are to propose their bids for cooperation and investment in the construction of the petrochemical park.
