Dec 20, 2017, 9:53 AM
News Code: 82769656
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Iran, Italy sign petchem contract

Tehran, Dec 20, IRNA – Iran and Italy sealed a contract worth €34m to produce polypropylene from natural gas.

Ardabil Petrochemical Company and Italy’s Techint Company signed the contract on Tuesday.

Based on the contract, Techint will identify licenser for a 500,000-ton unit and will estimate the final cost of the project which is changing natural gas to polypropylene or polyolefin.

The project has 1.6 billion euro investment and will result in creating 1,500 jobs directly and 10,000 ones indirectly in Ardebil Province, chairman of Ardabil Petrochemical Company board of directors, Bahram Shahsavari said.

“Indigenizing the engineering knowledge and training expert human resources are among advantages of the project,” he said.

Techint is an Italian-Argentine conglomerate founded in Milan in 1945 by Italian industrialist Agostino Rocca and headquartered in Milan (Italy) and Buenos Aires (Argentina). The Techint Group is composed of six main companies with an international reach in the following areas of business: engineering, construction, steel, mining, oil and gas, industrial plants, healthcare.

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