Turkey's Petkim Agrees Study for Iran PVC Plant30 Oct 2010 • by Natalie Aster
Turkish petrochemical maker and Iran's NPC International have agreed to start feasibility studies on opening production facilities in western Iran, Petkim said on Friday.
The two companies signed a memorandum of understanding on the construction of a 300,000 tonne polyvinyl chloride (PVC) plant as well as plants to supply the raw materials.
Raw materials will come from a chlor-alkali factory with an annual capacity of 187,000 tonnes and another 301,000 tonne capacity plant to make vinyl chloride monomer.
Turkish Prime Minister Tayyip Erdogan said after meeting Iranian officials in Tehran this week the neighbours would seek to triple bilateral trade to $20 billion by 2011.
Petkim shares were 3.38 percent higher at 7.65 lira, outperforming the ISE-100, trading up 1.64 percent at 0941 GMT.
Petkim is 51 percent owned by a joint venture of Turkish energy firm Turcas and Azeri oil company Socar.
NPC International is owned by the Iranian Ministry of Petroleum and produces, refines and sells chemicals, including fertilisers and polypropylene.
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