Russian, Turkish cooperation with Iran to develop upstream units of its petrochemical projects

04-Aug-10

Russian and Turkish companies plan to cooperate with Iran to develop upstream units of its petrochemical projects. SIBUR officials are eager to cooperate with Iran in upstream sector of petrochemical projects. Russia's largest petrochemical holding SIBUR has been negotiating with the NIPC over the construction of major petrochemical plants for about a year. Two Turkish companies including Petrochemical Holding Corp. (Petkim) have singed agreements with Iran to set up petrochemical plants. In 2009, Petkim reached a deal with the NIPC to set up a 1.65 mln tpa methanol and 300,000 tpa polyethylene plant. Iran has the world's second largest natural gas reserves after Russia - around 15% of the world's total proven reserves. The reserves contain an estimated 974 trillion cubic feet of natural gas.