TEHRAN (PIN) -- Deputy oil minister for petrochemical affairs Wednesday announced that Iran would set up petrochemical complexes in Venezuela, Oman, Indonesia, and the Philippines.

Gholamhossein Nejabat told PIN that a methanol complex with a one million ton capacity would be established in collaboration with Venezuela in Assaluyeh in southern Iran and another complex with similar specifications would be constructed through cooperation of Iran in Venezuela.
The groundbreaking ceremony of Iran-Venezuela joint venture was held in the presence of Iranian and Venezuelan presidents in Assaluyeh last month.
The project needs two billion dollar initial capital on expectations it will become operational by the end of 2010.
“Aiming to boost economic cooperation, Iran has started holding talks with Indonesia on the setup of a petrochemical plant with the cooperation of that country,” said the official, adding that a similar complex would be constructed in Indonesia or Singapore.
Nejabat, also the managing director of National Petrochemical Company (NPC), said Iran would also set up a joint venture with Oman, adding a urea and ammoniac complex would be built in Iran and a PVC producing complex would be constructed in Oman.
“The complex is to produce one million tons of urea and 670 thousand tons of ammoniac,” said the deputy minister, adding some 500 million euros would be required for the project.
According to the NPC head, Iran-Philippines heavy polyethylene project was undergoing the test production stage and would come on stream in the near future