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European Company to Fund Petchem Project in Iran

European Company to Fund Petchem Project in Iran
(Tuesday, September 15, 2015) 15:53

TEHRAN (NIPNA) – A European company as inked an agreement with Iran's Damavand petrochemical Company to allocate 500 million Euros for completion of its water sweetening unit, the company's CEO said.

Hussein Shahryari said preliminary talks have been held with the European side and it has agreed to put the amount on completion of a water sweetening unit in the company.

He said Damavand Petrochemical Company has a long history of cooperation with the European firm which has recently indicated interest to restore its relations with Iranian firms. 

He preferred not to disclose the company's name. 

"The mentioned company has also expressed readiness to engage in petrochemical projects directly governed by National Petrochemical Company (NPC)," Shahryari added. 

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