June 29, 2015 10:40 (UTC+04:00)
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The German petrochemical company is taking steps to funnel technology to Iran as sanctions against the Islamic Republic remain in place.
Experts from Basell Polyolefine GmbH even traveled to Iran and visited petrochemical projects in Asaluyeh, southern Iran, IRNA reported.
The parties have held several talks with Iranian petrochemical officials and plan to transfer the technology.
The project is valued at $300 million.
Iran’s annual petrochemical production is expected to reach 50 million metric tons for the current Iranian fiscal year (by March 2016).
Last year’s index rose 10% from the previous year, from 40.5 million metric tons to 44.5 million.
Basell Polyolefine GmbH produces and markets polyolefins in Germany. Its products are used to manufacture films, cable and pipe coatings, fuel tanks, injection moldings and household items. The company operates as a subsidiary of LyondellBasell Industries NV
The company has license agreements with Iran for the Amir Kabir, Kermanshah, Mahabad, Luristan and Kurdistan petrochemical complexes in Iran.
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