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Itochu Corp inks deal for monthly purchase of polyethylene with IranianPGPIC

May 12/2017

MOSCOW (MRC) -- Japans Itochu Corporation signed a deal to purchase 11,000 tons of polyethylene (PE) per month from the Persian Gulf Petrochemical Industries Company (PGPIC), as per Plastemart.

The deal comes after the two sides signed a preliminary deal in December 2016, based on which Itochu agreed to lend EUR320 mln (USD341 mln) to PGPIC for infrastructure development, IRNA reported. An official added that PE shipments will begin "within the next few months."

As MRC informed previously, in early 2016, Italy-based Maire Tecnimont, a leading engineering company, signed an agreement worth EUR1 billion (USD1.11 billion) with PGPIC to construct refineries and petrochemical plants in Iran. Maire Tecnimont will help Iran build an acrylonitrile butadiene styrene (ABS) and rubber plant in the industrial city of Asaluyeh. The ABS product has a variety of applications including in the automotive industry.
Author:Margaret Volkova
Tags:PS, PE, ABS, car components, packaging, Tecnimont, Itochu, PGPIC, Iran, Japan.
Category:General News
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