Masjid Soleyman Petrochemical Industries Co (MIS) has struck a deal with China's Wuhan Petrochemicals Co for the construction of a $3.6bn fertilizer complex in Iran, state-run Mehr news agency reported on February 15.
Privately owned company MIS intends to build a fertilizer complex in southwest Iran’s Khuzestan province to produce approximately 750,000mn t/y of ammonia and 1.2mn t/y of urea, it added.
Cheap gas available in Iran - second only to Russia in terms of gas reserves - is a big lure for foreign fertilizer producers now that the country is no longer burdened by international sanctions applied prior to the January 2016 introduction of the nuclear deal.
The Iranian news agency said MIS managing director Yousef Davoodi and a representative of Wuhan signed the agreement, but provided no additional details.
China has signed a contract with Iran to finance the electrification of nearly 1,000 km of high-speed track between the capital Tehran and second city Mashhad worth $1.5bn, according to Iranian state ... more
Members of the Rouhani administration have unanimously agreed to rename Iran’s rial currency as the toman and to remove one zero from future issued bank notes, the Iranian Banker Journal reported ... more
The Trump administration announced new sanctions against groups, companies and individuals with ties to Iran, a day after certifying the Iranian government is complying with the November 2015 nuclear ... more