Iran, Indonesia sign petrochemical deal, MOU

TEHRAN (IRNA) -- Iranian and Indonesian officials signed an agreement on Wednesday to make a joint investment in ammonia-urea production in southern Iran.

The 470-million-euro agreement was inked between the deputy managing director of National Petrochemical Company of Iran, the managing director of Hengam Petrochemical of Iran, and the managing director of PT Pusri Company of Indonesia on Wednesday.

The joint investment project is to be carried out in Assaluyeh, Bushehr Province.

The project would be completed within four years since the start of its construction operations.

The production capacity of the project is estimated at 1.7 million tons per year.

The agreement was signed during a visit to Iran by a high-ranking economic and political delegation from Indonesia.

The delegation was headed by President of Indonesia Susilo Bambang Yudhoyono. Five documents were signed during President Yudhoyono's visit to Iran in various fields of economic cooperation.

Iranian and Indonesian petrochemical officials also signed a memorandum of understanding for making joint investment in production of Ethan and liquid gas. The project for production of Ethan and liquid gas costs 300 million euros.

Its production capacity was estimated at 1.3 million tons of Ethan and one million ton of liquid gas.

The project will be launched in the vicinity of the Parsian refinery in Fars province.

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