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.
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