Iran’s Persian Gulf Petrochemical in Talks for $1.1 Billion

Iran’s Persian Gulf Petrochemical in Talks for $1.1 Billion ...
bloomberg.com 28/11/2016 Economy

Keywords:#Apadana, #Asaluyeh, #Asia, #Bloomberg, #Bloomberg.com, #China, #E-mail, #Facebook, #Google, #Hashem_Kalantari, #Iran, #Iranian, #Italian, #January, #Japan, #Japanese, #LinkedIn, #Marzieh_Shahdaei, #Persian, #Persian_Gulf, #Reddit, #Twitter, #Venezuela

By Hashem Kalantari
November 27, 2016 — 4:25 PM IRST
Updated on November 28, 2016 — 8:14 AM IRST
Talks with Asian companies for loan to produce methanol
Italian company ‘in forefront’ as potential investor
Share on Facebook
Share on Twitter
Share on LinkedIn
Share on Reddit
Share on Google+
E-mail
Iran’s Persian Gulf Petrochemical Industries Co. is in talks with Asian companies to raise as much as 1 billion euros ($1.1 billion) for an expansion including a methanol project intended to serve China and other Asian customers.
An Italian company is “in the forefront” as a potential investor in the company, according to Touraj Seyed Arvanaghi, managing director of Persian Gulf Petrochemical’s Veniran Apadana methanol project in Asaluyeh in western Iran on the Persian Gulf coast. He declined to identify the companies until negotiations are concluded.
Iran’s petrochemicals industry needs $60 billion in foreign investment to more than double chemicals production capacity over the next decade, according to Marzieh Shahdaei, deputy oil minister and managing director of state-run National Petrochemical Co. The nation has already boosted its crude production since international sanctions were eased in January, to almost 4 million barrels a day from 2.8 million barrels at the end of last year, data compiled by Bloomberg show.
Veniran Apadan is seeking to produce 1.65 million metric tons of methanol a year for export to China and other parts of Asia, Arvanaghi said. Methanol is used as an antifreeze and in feedstock to produce acetic acid and formaldehyde. The project is expected to cost 450 million euros, with 354 million euros for equipment. In February, Japan signed a memorandum of cooperation to provide up to $10 billion of financing for Iranian projects involving Japanese companies. Japan’s Marubeni Corp. got an order for equipment for Persian Gulf Petrochemical about two months ago.
Veniran Apadan, initially set up by Venezuela and Iran, is seeking to change its name through the government’s Organization for Registration of Companies, Arvanaghi said.
--- ---
...

Read more from Source »

Related articles based on keyword density
Airbus in Talks With Iran Over Deal to Produce Plane Components - Bloo...
bloomberg.com 18/03/2016 Auto
By Ladane Nasseri & Deena Kamel Negotiations follow order for 118 jetliners worth $27 billion Islamic republic has parts capability after yea...View Details»

Iran's 20% Yields Tempt Charlemagne as Tehran Returns From Cold - Bloo...
bloomberg.com 16/02/2016 Economy
By Maria Levitov February 16, 2016 *** Iranians shop at the main bazaar in Tehran. The end to Iran’s international isolation has spawned partnerships...View Details»

Investing in Iran? You'd Better Like Tea, Cake and Bureaucracy ...
bloomberg.com 06/10/2015 Economy
By Ladane Nasseri Golnar Motevalli *** Isolated from the global economy for the past decade and with a population of 80 million, Iran is a fertile g...View Details»

Iran Plans Higher Fees for Riskier Oil Fields in New Accords Iran Plan...
bloomberg.com 25/02/2014 Economy
By Golnar Motevalli and Anthony DiPaola Feb 24, 2014 Iran will offer foreign partners incentives to find and pump more crude and natural gas and will...View Details»

A Taste of Persia in Los Angeles ...
blogs.barrons.com 08/06/2016 Cuisine
By Lauren R. Rublin Persian cuisine is among the most savory of Iran’s exports, and one of the best places to sample its herb-and fruit-laced dishes i...View Details»


EOF