Iranian, German Firms Awarded Bid for Gulf Methanol Plant
Iran has given a German and an Iranian firm a 145 million-dollar contract to build what officials said would be the world's largest methanol plant, the state IRNA news agency said Sunday.
Germany's Lurgi Oel-Gas-Chemie GmbH and Iran's state petrochemical firm Zagros will construct the plant, expected to produce 1.6 million tons of methanol annually, near the Gulf's giant South Pars gas field.
Officials said 85 percent of the cost would be paid by Lurgi and the remainder by Zagros, based on a German bank loan repayable over eight years. The plant is due to be completed in three years.
Iran, the world's number two producer of natural gas, is looking to attract some 10 billion dollars in foreign investment for its petrochemicals sector based around South Pars -- TEHRAN (AFP)
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