Iran, Venezuela break ground on methanol plant

02 July 2007 17:00  [Source: ICIS news]

LONDON (ICIS news)--The presidents of Iran and Venezuela met on Monday to break ground on a proposed joint 1.65m tonne/year methanol plant at Assalouyeh on the southern coast of Iran, according to global media reports.


They also announced plans for a second methanol plant in the Zigma industrial zone of Venezuela.


Each would cost about $650m (€477m) to $700m and take four years to complete.


President Mahmoud Ahmadinejad of Iran and his Venezuelan counterpart Hugo Chavez said the countries would aid each other in accessing Asian and Latin American markets and signed three further agreements in the field of petrochemicals.


The two presidents had proclaimed on the first day of their summit in Tehran that ties between the nations could weaken the global influence of the US.


Chavez last week forced US oil majors from Venezuela, seizing oilfields from Exxon Mobil and ConocoPhillips.


($1 = €0.74)

By: Mark Watts
+44 20 8652 3214

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