The Member of Board of Directors of Iran's National Company for Petrochemical Industries Mohammed Hadi Rahbar has announced that Maroon Petrochemical Project in which Saudi Basic Industries Corporation (SABIC) has participated in its financing will be inaugurated in March 2006.
In a statement to Iran's Mehr News Agency, he said that SABIC's share in the project is 30% and the project's capacity of petrochemicals is 1.56 million tons.
As SABIC ranks first in petrochemical exports to the world markets, the Iranian company will set up a joint company with SABIC to market the products of the project, he said, and added that the shares of the new company will be fifty-fifty between the two sides.
