Shell wants to invest $350M in Iran’s petchem project

EghtesadOnline: Shell offered the technology for Iran’s Ibn-e Sina Petrochemical Complex worth $350 million, the director of Hamedan province’s industry and mine department, Hamidreza Matin said.

News ID: ۷۳۷۴۹۰

15 October 2016

This is while a Chinese company also offered to invest in the project, but a lesser amount - $168 million, he said.

The report didn’t mention the Chinese company’s name, but Iran was negotiating with Sedin Engineering Company last year to develop the mentioned project, reports ILNA.

Shell signed a memorandum of understanding with Iran Oct.9.

"We can confirm that we have expressed our interest to further explore potential area of cooperation with Iran’s National Petrochemical Company through a Letter of Intent," Nureddin Wefati, head of Media Relations for the Middle East and North Africa of the company told Trend Oct. 10.

Meanwhile, Shana news agency reported that Shell offers direct investment in the project.

Iran used to plan to invest $253 million in Ibn-e Sina project to produce 266,000 metric tons of products annually, such as ethylene oxide, ethylene glycols, ethoxylates, glycol ether, etc.