Publishe Date: 3:10 PM - 2/1/2015 | Print

NPC official: Russia likely to invest in Assaluyeh petrochem projects

Economy - An Iranian petroleum ministry official says Russia is likely to take part in petrochemical projects in the southern Iranian port city of Assaluyeh .

“They have announced their preparedness to participate in petrochemical projects in Assaluyeh. We have proposed a number of projects and now they are reviewing them, Ali Mohammad Basaqzadeh, told the Tasnim News Agency.

The director for production control at the National Petrochemical Company (NPC) emphasized that it is necessary to equalize the two countries’ industrial standards “which will take time.”

Bosaqzadeh also said Iran has already had cooperation with Russia in oil sector but “the bilateral ties have increased” after Tehran and Russia signed several MoUs for boosting cooperation in oil sector.

Boot in trade ties

Back in September, Iranian Minister of Petroleum Bijan Namdar Zanganeh and Russian Energy Minister Alexander Novak singed four Memorandums of Understanding for cooperation in the oil sector.

The MoUs were signed as part of plans to boost bilateral cooperation between the two countries.

Russia has been seeking to expand economic cooperation with Iran after the US and its Western allies imposed sanctions on Moscow over the crisis in Ukraine.

Earlier on Thursday, the general director of the Russian-Iranian business council Rajab Safarov said the trade turnover between Tehran and Moscow can reach USD2.5 billions in 2015.

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