China's Sinopec, Iran's NPC to sign MOU for joint ventures

28 May 2010 04:50  [Source: ICIS news]

SHANGHAI (ICIS news)--China petrochemical major Sinopec and Iran’s National Petrochemical Co (NPC) are due to sign a memorandum of understanding (MOU) to explore joint venture opportunities in petrochemical and related businesses in the two countries, an industry source said on Friday.

“The MOU should be signed within the next one to two months,” the source said, adding that the companies agreed to ink the agreement after a high-level meeting in Beijing early this week.

The MOU would initiate in-depth discussions to identify the specific areas of collaboration, which could take the form of joint marketing for some products and joint investments in others, he said.

“The proposed joint ventures could be financial, technical, or in raw materials,” he added.

The source said it was too early to speculate which products would be included in the proposed joint ventures, but that petrochemical plant catalyst was a very likely candidate.

NPC’s catalyst supply had been limited to European sources because of the international economic and trade sanctions imposed on Iran for its nuclear programme. Tehran had no access to catalyst made in the US, he said.

Sinopec and NPC were not immediately available for comment.

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By: Chow Bee Lin
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