TEHRAN (PEDC) - Iranian energy group Pasargad Energy Development Company signed a deal with China's Rezel Catalysts Corporation and its Iranian representative Shahre Catalyst Rose Arvand Company to establish a joint venture to develop petrochemical technology.
The deal, signed on the last day of the Iran International Oil Exhibition, aims to provide licenses and technical savvy to complete the value chain of the oil and petrochemical industry in Iran, according to a statement by Pasargad Energy Development Company.
The joint venture, named Arman Pasargad Energy Technology Development Company, will be the first in Iran to own licenses for the value chain, the statement said.
Sadeqabadi, the CEO of Pasargad Energy Development Company, said the strategic partnership with Rezel would enable them to jointly produce sensitive equipment and technology for downstream units, petrochemicals and refineries in the Middle East market, leading to the development of the petrochemical industry in Iran.
The representative of Rezel China expressed hope that the deal would lead to more extensive and long-term cooperation with Iranian companies in the future.
Kaabi, the CEO of Shahre Catalyst Rose Arvand Company, said they would develop domestic production with the help of foreign partners and localize the value chain technology.