Iran and Indonesia have agreed to establish a joint-venture company for the export of Iranian oil products and petrochemicals to the Southeast Asian country, an Iranian official says.
“The formation of a joint-venture company by Iran and Indonesia for export of oil products and petrochemicals was agreed subsequent to the signing of two memoranda of understanding [between the two countries],” said Mehdi Sharifi Niknafs, the managing director of Iran Petrochemical Commercial Company (IPCC).

He noted that Jakarta is interested in importing oil products and petrochemicals from Iran, following the reduction in Indonesia's oil output over the past few years.
“We are planning to build storage tanks in one of the free zones of this country [Indonesia] in the coming months,” Sharifi Niknafs pointed out.
According to Iran's National Petrochemical Company (NPC), the country has exported more than 7.8 million tons of petrochemicals worth more than USD 5.1 billion in the six months ending September 22.

Iran produced 40 million tons of petrochemicals in the last Iranian calendar year (ended March 20), with USD 9-billion worth of its products being exported.

The country, which is a major oil exporter, plans to increase its petrochemical exports to USD 12 billion this year.

The Islamic Republic is determined to become the biggest petrochemical producer in the Middle East.

The country has significantly expanded the range and volume of its petrochemical production over the past few years, and the NPC has become the second largest producer and exporter of petrochemicals in the Middle East after Saudi Arabia.

By Press TV

 

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