Iran General NewsIran to scrap $1.2 bln deal with foreign firms

Iran to scrap $1.2 bln deal with foreign firms

-

Reuters: Iran will cancel the 960 million euro ($1.19 billion) “Olefins 11” contract signed last year with German industrial gases firm Linde and South Korea’s Hyundai, Iran’s Oil Ministry Web site reported on Monday. TEHRAN (Reuters) – Iran will cancel the 960 million euro ($1.19 billion) “Olefins 11” contract signed last year with German industrial gases firm Linde and South Korea’s Hyundai, Iran’s Oil Ministry Web site reported on Monday.

Under the Olefins 11 contract, the two companies were to build two ethane crackers in the Gulf port of Assaluyeh.

Conservative parliamentarians had argued that Iranian firms could carry out the project more cheaply.

“We are going to cancel the contract of Olefins 11 and we will do it by domestic contractors with a 260 million euro saving,” Asghar Ebrahimi Asl, managing director of the National Iranian Petrochemical Company (NIPIC), was quoted by the Web site as saying.

Sharq newspaper quoted Ebrahimi Asl as saying domestic contractors would be helped by France’s Technip.

“Technip has officially announced it is ready to accomplish the project 20 percent cheaper,” Ebrahimi Asl was quoted as telling the newspaper.

Analysts have previously said a political storm over the “Olefins 11” deal could trigger a flight of engineering companies from Iran, which is trying to boost petrochemical output.

Officials could not immediately be reached for comment.

Latest news

NCRI Hosts Conference in France To Address the Need To Hold the Iranian Regime Accountable for Its Crimes

On January 17, the National Council of Resistance of Iran (NCRI) hosted a conference in Auvers-sur-Oise, north of Paris,...

Iran’s Regime Tries To Whitewash Its Crimes

Iran’s State Prisons and Security and Corrective Measures Organization, which is under the supervision of the Judiciary, has distributed...

Iran: Raisi’s Six-Month Economic Record Contrasts Sharply With His 7,000-Page Program

In the summer of 2021, the Iran regime’s supreme leader Ali Khamenei installed the infamous Judiciary Chief Ebrahim Raisi...

Iran’s Export in the Casino of the State Mafia

The Chairman of the Tehran Chamber of Commerce, Mohammad Khansari, has stated that the total volume of exports of...

Will Iraq Get Ever Free of Iran’s Sway?

After many years and massive popular protests, there are indications that Iraq’s body politic has decided to separate its...

Tehran Downplays Real Statistics of Car Accident Fatalities

The number of road accidents and fatalities in Iran has significantly increased during recent weeks. However, this is not...

Must read

Iran cleric says “time to export the revolution”

Reuters: A senior cleric urged Iran's factions on Friday...

Iran police raid home of slain Canadian journalist’s lawyer

Iran Focus: Tehran, Iran, Jul. 28 – Agents of...

You might also likeRELATED
Recommended to you