TEHRAN -- Iran, Japan, and Thailand are to launch the joint production of the petrochemicals in southern Assaluyeh of Iran, Mohsen Pak-Ayeen, Iran's ambassador to Thailand said on Tuesday.
Speaking at the sidelines of the second meeting of Iran-Thailand energy working group, the ambassador said, "Iran, Thailand, and Japan have already signed the contract on joint venture of petrochemical production in Assaluyeh. At this meeting, it was decided to start implementation of the previously agreed joint venture."
The joint venture values at $200 million the shares of which are divided as 40 percent for Iran, 48 percent for Thailand, and 12 percent for the Japanese company of Itocho, he explained.
Iran's International Petrochemical Company, the Japanese Itocho Company, Thailand's National Petrochemical Company, and Thailand's Cementai Chemicals Company have jointly established Mehr Petrochemical Company. On June 15th 2005, Mehr Co. signed a contract worth $230 million with a consortium formed of the Iranian RAMPCO Company and Mitsuii Ship-building for producing heavy polyethylene in Assaluyeh.
Assaluyeh heavy polyethylene project has the production capacity of 300,000 tons per year and it is due to be implemented in less than three years.
At the meeting, Iran and Thailand also came to the agreement for making more investment in the petrochemical sector.
© Tehran Times 2005
