Iran’s Petrochemical Commercial Company (PCC) recently signed a memorandum of understanding (MoU) with Indonesia’s state-run oil and natural gas corporation based in Jakarta, Pertamina, on petrochemical cooperation. The Indonesian side agreed to directly import Liquefied Petroleum Gas (LPG), polymers, gas condensate and bitumen from PCC and Iran will purchase aromatics from Pertamina, MEHR News Agency reported.

PCC officials met Pertamina executives in Tehran to ink the cooperation deal and discuss petrochemical cooperation, according to Iran Daily Online.

On the basis of the newly-signed agreement, an executive team comprising representatives of both parties will be formed to make plans for expansion of commercial activities in addition to taking necessary measures required for implementing the reached agreements.

The Iranian Deputy Minister of Industry, Mine and Trade, Mohsen Salehinia, said that Iran’s petrochemical output in the first four month’s of the current fiscal year, that started on March 20, rose by 41% against the figure for the same period from a year before. He concluded, “After the Joint Comprehensive Plan of Action (JCPOA), economic growth, and greater oil, gas and petrochemical production are evident.”