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Iran, Italy sign €34mn contract in petro industry

34 million euro contract for engineering of polypropylene production from natural gas was signed between Ardebil Petrochemical Company and Italy’s Techint Engineering & Construction.

Under the contract signed on Tuesday, Italy’s Techint Engineering & Construction is tasked to determine a licensor for a 500,000-ton unit within 18 months and to estimate the final cost of constructing the main project, which is a GTPP (Gas to Polypropylene Project) or a GTOP.

Bahram Shahsavari, CEO of Ardebil Petrochemical Company, said this national megaproject has a high investment volume of 1.6 billion euros for the entire project, which will ultimately lead to the creation of 1,500 direct jobs and 10,000 indirect jobs for Ardabil province, northwest of Iran.

About 21 percent of petrochemicals produced in Middle East and 2.5 percent in the world are supplied from Iran. Iran"s petrochemical production capacity is now more than 62 million tons a year.


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