Volume. 12230

Swedish firm invests in Iranian petrochemical project
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c_330_235_16777215_0___images_stories_edim_04_mg1(121).jpgTEHRAN - Chematur Engineering International Ltd. of Sweden has secured 30.6 percent of funding for the implementation of the second phase of the Karoon Petrochemical Complex’s development plan.
The complex is located in the southwestern province of Khuzestan.
The second phase of the Karoon Petrochemical Complex’s development plan is complete by 93 percent, according to the Tasnim News Agency. 
Chematur Engineering is a group of chemical engineering companies in Sweden, U.S.A, Finland, and India. This company began its chemical engineering activities in the early 1930s and has since then evolved into a modern engineering company, with expertise in all fields necessary for carrying out complete projects. 
Bandar Imam Petrochemical Company of Iran, Petrochemical Industrial Investment Company of Iran, and Petrochemical Commercial Company of Iran also secure 40.9 percent, 20.4 percent, and 8.1 percent of the funding share, respectively.
Iran’s oil and petrochemical exports have increased following some sanctions relief on the Islamic Republic, including the EU and U.S. bans on the country’s petrochemical exports.
The ban ease is part of an agreement inked in Geneva last November between Iran and the five permanent members of the UN Security Council - the U.S., France, Britain, Russia, and China - plus Germany, under which the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.
The Geneva deal took effect on January 20.

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