Iran announced that it has signed a memorandum of understanding (MoU) with China to provide technical know-how and implement a project of Fanavaran Petro Olefin Company.

According to Shana, the MoU was signed between Iran’s Fanavaran Petro Olefin Company, by Navid Shahidinia, acting head of Fanavaran Petro Olefin Company, an affiliate of Fanavaran Petrochemical Company, and a Chinese consortium. 

The signature ceremony took place in the presence of Iran’s National Petrochemical Company (NPC) Managing Director Morteza Shahmirzaei.

During the ceremony, Shahmirzaei said that investment opportunities in Iran’s petrochemical industry worth around $150 billion will be created in the next 10 years.