TEHRAN -- Iran's Petrochemical Industry signed two contracts with Italian and South Korean companies to set up carbon monoxides and acetic acid plants.

The contract for the establishment of the carbon monoxide plant was signed by Iranian and Italian companies at a ceremony attended by Deputy Oil Minister and Managing Director of National Iranian Petrochemical Company (NIPC), Mohammad-reza Nematzadeh.

Nematzadeh said at the ceremony that Iran is determined to expand its petrochemical industry and raise its petrochemical production.

He called for further contribution by Iranian and foreign companies to implement development projects in Iran.

The UK branch of Italian company managed to win the bid for establishing a carbon monoxide plant in Iran and Iran's Civil Engineering Advisory Company is a partner to the Italian in the project.

The contract is worth 37 million dollars plus Rls.80 billion.

The company will operate with a nominal production capacity of 140,000 tons of carbon monoxide a year. The project is expected to be implemented within a period of 22 months.

Meanwhile, the contract for the establishment of acetic acid production plant in Bandar Imam special economic zone too was signed by representative of South Korean, LG company, Iranian OYK company and Fanavaran petrochemical company in presence of Nematzadeh.

The contract, worth 54.770 million dollars plus Rls.110 billion, will be implemented within a period of 20 months.

The company will operate with a nominal production capacity of 150,000 tons a year. The raw material used by the plant will be methanol and carbon dioxide.

(IRNA)