Iran, Turkey to ink new oil deal

TEHRAN, Dec. 14 (MNA) – Iran and Turkey have agreed to launch a sea route to transport petrochemical products to EU countries, an Iranian official said.

Chief petrochemical marketing officer of Jam, Mohsen Farahi, noted the resuming of the sea route for exporting petrochemical products to Turkey and said, “during the last several years, Iran’s exports of petrochemicals and polymer products to the European Union countries was stopped.”

“Under the new agreement, however,” he added, “the first shipment of linear low-density polyethylene (LLDPE) will be exported to Belgium this week.”

Farahi also announced the upcoming negotiations with some Turkish companies for investment in Iran’s petrochemical industry.

This is significant as previously, National Petrochemical Company’s (NPC) managing director Abbas Sheri Moqqadam had considered Iran’s prospects for foreign investment bleak.

While pointing to the sanctions still remaining in place and the difficulties of exchange rate transactions, he had said, “under the current circumstances, there is a very low possibility of attracting foreign capitals and we need approximately 35 billion dollar investment to realize the second leap in petrochemical development.”

By Mehr News Agency

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