Iran and Germany ink first petrochemical agreement after sanctions

04/08/2016 00:26 Oil Market

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A first petrochemical cooperation agreement in the post sanctions era between Iran and Germany was inked by Iranian Kian Petrochemical and German Linde Group on Tuesday, as stated by the Islamic Republic News Agency (IRNA).

The accord on front-end engineering design, or basic engineering which came after the feasibility study in the Olefin division of Kian Petrochemical, was reached by senior directors of the two firms. The 12-month agreement was signed with financial credit of €34.9 million ($39 million). The Kian Petrochemical Company was founded in 2012 in a region of 78 hectares in the second phase of the Assalouyeh Special Petrochemical Zone, in south of Iran to put into effect the Olefin project. Shahdaie declared that Linde is appointed for one of the most important petrochemical projects in phase 2 of Assalouyeh. The Linde Group, a German producer of industrial gases and chemicals, was one of the companies which was obliged to leave Iran after nuclear-related sanctions strengthened after 2012.

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