Karoun Petrochemical Company and the Boss Pool Company from Bosnia-Herzegovina have signed an agreement to collaborate in the field of petrochemicals.
The agreement seeks to expand cooperation in research activities with the aim of developing new and advanced technologies to complete the value chain of polyurethanes as well as providing toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI) of desirable quality to facilitate the supply of products to buyers in the Balkans and the eastern Europe, the Oil Ministry’s news agency Shana reported.
“Karoun Petrochemical Company is the first of its kind in the Middle East to have launched an MDI unit and is the exclusive producer of TDI in the West Asian region,” managing director of the company said at the signing ceremony at the weekend in Tehran.
“In the last five years, the company's five customers in Iran have increased to 52, but we are seeking to find new markets as well,” Alireza Seddiqizadeh added.
He noted that this agreement marks a new chapter in the history of the company, as its presence in the Balkan region will greatly contribute to market expansion.
Also speaking at the ceremony, Neil Zatovic, the CEO of Boss Pool Company, said, “We are the largest producer of sponge and foam in Bosnia, and with this agreement, a step is taken to supply the required raw materials. We hope to improve the quality of our products by using the knowledge of Karoun Petrochemical Company.”
Zatovic noted that in addition to its presence in the Balkans, Boss Pool offers its products to the European market, and hopes to strengthen its market by starting cooperation with Karoun Petrochemical Company, which is known worldwide for polyurethane production.
Polyurethane is a plastic material that exists in various forms. It can be tailored to be either rigid or flexible, and is the material of choice for a broad range of end-user applications such as: insulation of refrigerators and freezers, building insulation, cushioning for furniture.
An aromatic diisocyanate, MDI is used in products, including automotive polyurethane foams, refrigerators, freezers and construction materials.
An organic compound with two isocyanate groups is known as a diisocyanate that is used in the production of polyurethanes, a class of polymers.
Strengthening Economic Ties
Also speaking at the ceremony, Bosnia-Herzegovina’s Ambassador to Iran Samir Veladzic said in addition to performing political duties, the embassy is seriously seeking to establish and strengthen economic ties between Bosnia-Herzegovina and Iran.
“Despite the fact that we are consumers of Iranian petrochemical products, these products are obtained through intermediaries, at higher prices. Today, we are eagerly here to initiate bilateral relations in the petrochemical industry with Iran without any intermediaries,” he added.
Located in Mahshahr, Khuzestan Province, Karoun Petrochemical Company is the first producer of isocyanates in the Middle East and half its output is exported. Only nine companies in the world produce this chemical and Karoun is one of the exporters to Europe and Asia.
Isocyanates are important chemicals that are difficult to store and transport. Globally, about 8 million tons of isocyanates are produced annually.
The chemical is widely used in the manufacture of insulation, refrigerators, residential sheathing or commercial roofing, floor finishes, wood finishes and paint, adhesive and sealant compounds, automobile parts, shoe soles, roller-skate wheels and blood bags.
Karoun also produces petrochemicals like toluene diisocyanate (40,000 tons a year), acid clorhidric (116,000 tons/year), nitric acid (92,000 tons/year), ortho toluenediamine (11,000 tons/year), meta toluenediamine (31,000 tons/year), nitrobenzene (40,000 tons/year) and aniline (30,000 tons/year).
Companies in Iraq, Turkey, India, Russia, Azerbaijan, Albania, Greece, Sweden, Peru, Kenya, Nigeria and Italy are the main foreign clients.
The company uses chlorine, carbon monoxide, hydrogen and toluene as raw materials to produce basic petrochemicals and final products with higher value added.
Karoun receives its feedstock from the Bandar Imam, Bu Ali Sina, Fanavaran, Arvand, Razi and Shahid Rasouli petrochemical plants.
