TEHRAN – Iran has purchased and run a heavy and light polyethylene factory in the Philippines, said a National Petrochemical Company (NPC) official here on Friday.

Talking to MNA, Mohammad-Hadi Rahbar added that the factory is worth at more than 300 million euros with the annual production capacity of 220,000 tons.
Run by Iranian management and Filipino manpower, the factory will export its products to Europe, he said.
Referring to Iran-Venezuela methanol joint venture entitled “VenIran Petrochemical Company (VIPC)”, the official said that a methanol unit will be established in Iran and a similar one in Venezuela, with an annual 600,000 ton output each.