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Iran and Indonesia agree to JV for petchem exports

by ChemOrbis Editorial Team - content@chemorbis.com
  • 17/11/2014 (15:10)
According to media reports, Iran and Indonesia signed two memoranda of understanding for building a joint venture company for the export of Iranian oil products and petrochemicals to Indonesia.

Under the JV agreement, storage tanks are planned to be built in Indonesia. The country aims to import oil from Iran since the country’s oil output has decreased over the past few years.

Iran’s National Petrochemical Company (NPC) stated that Iran has exported more than 7.8 million tons of petrochemicals valued at $5.1 billion in the six months through September 22. In the last Iranian calendar year, ended March 20, the country produced 40 million tons of petrochemicals with an export value of $9 billion. Iran has significantly improved its petrochemical production in the last few years and the country targets to increase its petrochemical exports to $12 billion this year, accordingly.
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