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EghtesadOnline: Japan inked the second cooperation document with Iran to provide the country's petrochemical industry with 320 million euros.

Persian Gulf Petrochemical Industries Company (PGPIC) signed the deal with the Japanese Itochu Corporation on Saturday evening, according to IRNA.

Iran has the annual capacity of producing up to 63 million tons of various types of petrochemical products and the Islamic Republic plans to increase it to 130 million tons in the next decade.

According to the official sources, Iran should absorb 50 to 70 billion dollars to complete its half-finished petrochemical projects.

Managing Director of Persian Gulf Petrochemical Industries Company (PGPIC) Adel Nejad-Salim and the Itochu executive Vice President Ichiro Nakamura signed the Usance Letter of Credit worth of 320 million euros.

Speaking on the sidelines of inking ceremony, Nejad Salim referred to participation of Japanese companies in Bandar Imam Petrochemical Complex and welcomed presence of Japanese companies in Iran.

Meanwhile, Nakamura for his part said that Itucho is keen to develop cooperation with Iran.

Praising Iran's petrochemical market capacities, he declared Itochu interest to cooperate with Iran in polyethylene production.

Iran-Japan cooperation Iran petrochemical