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Iran inks €34m Petchem Deal with Italian Engineering Giant

(Tuesday, December 19, 2017) 18:20

TEHRAN, Dec. 19 (Shana) -- Iran's Ardebil Petrochemical Company cemented a deal with Italy's engineering and construction giant Techint Group worth 34 million Euros deal for construction of a project aimed at production of propylene from natural gas.

Based on the deal, the Italian company will designate a licensor for a 500,000-ton GTPP or GTOP project in Iran in an 18-month period and then fund the project.

Upon signing the deal, Bahram Shahsavari, head of the board of directors of Ardebil Petrochemical Company, said once the €1.6b project becomes operation, over 1,500 direct jobs and over 10,000 indirect jobs will be generated.

Localization of the technical savvy for construction of the project as well as training of human forces for running such facilities have been stipulated in the contract, he added, highlighting the deal's top features.

Techint is an Italian-Argentine conglomerate founded in Milan in 1945 by Italian industrialist Agostino Rocca and headquartered in Milan and Buenos Aires.