Thai SCC's Iran petrochem project delayed to 2008

06-Nov-06

Siam Cement PCL's US$230 million chemical project in Iran that was to be completed in early 2008, is to be delayed to the H22-2008. The delay, which could be extended, was due to several issues including political problems in Iran, as well as labour and equipment shortages caused by several firms running petrochemical projects in Iran. Siam Cement had invested about 1 billion baht (US$27 million) in a 38% stake in the project to produce up to 300,000 tpa of high-density polyethylene (HDPE). PTT Chemical holds a 10% stake in the project, Japanese trading firm Itochu Corp holds 12% and Iran's National Petrochemical Co holds the balance 40%.