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TEHRAN (PIN) - Russia’s largest petrochemical holding SIBUR is negotiating with the Iranian National Petrochemical Company the construction of major petrochemical plants in the country, Russian Energy Minister Sergei Shmatko told reporters after the bilateral meetings under the Russian-Iranian intergovernmental commission here on Sunday.

“It is possible to develop major complexes in the oil and gas chemical industry on the base of oil and gas resources here,” he noted. Alongside, Shmatko emphasized that, first of all, for this purpose it is possible to involve the blocks of the Southern Pars gas field, which the Russian gas major Gazprom is developing.

For his part, SIBUR President Dmitry Konov indicated that his company “had been negotiating with the Iranian National Petrochemical Company this issue for about a year.” According to him, the bilateral cooperation resulted in establishing a joint venture, which will build a petrochemical plant producing bulk polyolefin on the base of a phase of the Southern Pars gas field. Konov also did not rule out further export of this plant’s produce.

PIN/ITARTAS