Tehran - P.I.N. - DUBAI: India is targeted as one of the major customers of Iran's $128 million methanol project that is expected to come on stream later this year.
With one million tonnes of production capacity, the project in the Mahshahr Port southwest of Iran is the third in the string of processing plant set up by the Fanavaran Petrochemical Company.
Its Managing Director Mr Jalil Ebrahimpur said the project would use 610 cubic meters of natural gas and 331,000 tons of carbon dioxide as feedstock a year.
He added that methanol would be the main upstream product of the facility.
Tehran Times quoted him as saying that the methanol facility includes a $78 million acetic acid project and a $37 million carbon monoxide making plant.
India's bilateral ties with Iran in the oil and natural gas sector has been in the upswing following plans by ONGC's overseas arm ONGC Videsh Ltd (OVL) to acquire 20 per cent stake in Iran's Kushk and Husseinieh oil fields.
Iran is reported to have offered 20 per cent share equivalent to 60,000 barrels per day or 3 million tons of crude oil annually in Kushk and Husseinieh fields in return for India buying 5 million tons of LNG from Iran.
Iran is set to select operators for the two fields through bidding by the end of September in which OVL is expected to play a significant role.
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