Shana -- Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) and a European company have partnered to build a major petrochemical project in Iran, PGPIC said.

PGPIC managing director Adel Nejad Salim said the company has struck a €3b agreement with the European company to build a petrochemical facility in Assalouyeh, Iran’s energy hub located in the southern province of Bushehr.

He said the project will produce two polymer chain products for the first time in the country.

The official said PGPIC has signed a memorandum of understanding (MoU) with its European partner in the project.

He said feasibility studies are being carried out about the project and once talks about the plan are complete more details about it will be disclosed.
Nejad Salim further added that his company is considering two other major projects with €1.5b and €2b of investment in Iran with foreign partners.