The buy-back contract signed by Iran's Qaed Basir Petrochemical Co. and a German petrochemical firm has been approved, said Iran's Export Promotion Bank on Thursday.
The bank's public relations department said that the Iranian company had been granted a permit by the National Petrochemical Co. of Iran (NPCI) to set up a plant with the capacity to produce 35,000 tons of various ABC grades in line with engineering polymers, said the official Iranian news agency, IRNA.
The protocol calls for implementation of projects, supply of systems and equipment and installation and apportioning of the plants at the cost of $41 million.
Under the project, the company hopes to earn $35 million from sales of its products annually.
According to the agency, it is expected to save the country at least $10 million in hard currency expenditure annually.
The project, once operational, is expected to create jobs for about 200 people, IRNA said – Albawaba.com
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