EghtesadOnline: National Petrochemical Company (NPC) has signed a memorandum of understating with Japan's Sojitz for feasibility studies on construction of a methanol to propylene conversion plant in Iran.
Held at the locality of the NPC in Tehran, the signing ceremony of the MoU was attended by Managing Director of the NPC Marziyeh Shahdaei and Masaru Sato, Sojitz's senior representative on Saturday.
Speaking during the ceremony, Marziyeh Shahdaei, who is also deputy petroleum minister in petrochemical affairs, said the project is of crucial importance for Iran given the vast gas reserves it is sitting atop.
Sojitz has been active in Iran over 50 years and is the first foreign company active in Iran's petrochemical sector, said Sato during the meeting.
According to IRNA, Sojitz Corporation is a general trading company based in Tokyo, Japan.
Sojitz is involved in investments in various sectors and conducts financing activities.
The broad range of sectors in which Sojitz operates includes automobiles, energy, mineral resources, chemicals, foodstuff resources, agricultural and forestry resources, consumer goods, and industrial parks.