IRNA - Industrial and Commercial Bank of China (ICBC) has agreed to make investment in a joint venture project with an Iranian energy company to develop a petrochemical complex in the city of Mehran in the western province of Ilam.


According to the memorandum of understanding signed between ICBC and Iran's Petro Saman Zagros company, 85 percent of the share will be provided by the Chinese bank, Heidar Nemati an official affiliated with the Governor General's Office said on Tuesday.

The Iranian partner undertook 15 percent share of the joint venture investment project, Nemati said.

According to the official, development of the petrochemical complex in the city of Mehran is aimed to set up a natural-gas-to-polypropylene conversion process.

Nemati expressed hope that the project would provide jobs for more than one thousand technicians.