Tuesday, December 14, 2004

Iran, Singapore sign $1b deal for petrochemicals

IranMania News: "Iran, Singapore sign $1b deal for petrochemicals

Saturday, December 11, 2004 - ©2004 IranMania.com

LONDON, Dec 11 (IranMania) - Iran and Singapore signed on Friday a contract valued at $1 bln for the sale of future petrochemical byproducts. Managing Director of Iran Petrochemical Commercial Company Mohammad Ehtiyati told IRNA on Friday that the contract provides for a five-year advance sale by Iran of byproducts of the aromatic 4th unit of the Assalouyeh project.

The deal was signed in the presence of Iranian Commerce Minister Mohammad Shariatmadari, his Singaporean counterpart and the Iranian ambassador to Singapore. Ehtiyati, moreover, said that the petrochemical production line of the company is to be launched in Assalouyeh next year and its products turned over to Singapore from 2006 to 2010.

The official noted that Iran Petrochemical Commerce Company made a two-billion-dollar annual investment and a total investment of 30 billion dollars during the Third, Fourth and Fifth Five-Year Economic Development Plans.

Ehtiyati said the company has made good investment on various petrochemical products in accordance with its potentials, adding it entered into sales of future products in the international market to keep customers.

Iranian Commerce Minister Mohammad Shariatmadari, heading an economic delegation, arrived in Singapore City on Thursday for a three-day official visit at the invitation of his Singaporean counterpart. The visit ends today."


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