Iran is expecting to produce approximately 44 million t of petrochemicals by the end of the Iranian year, which is 20 March 2011. In the first five months of the year Iran produced 16 million t. 17.4 million t of the 16 million were exported and the rest were sold within the domestic market.
Hyundai Oilbank Company Limited of South Korea and Cosmo Oil Company Limited of Japan have formed a joint venture. The partnership, which is called HC Petrochemical Company Limited, has begun operations to produce paraxylene.
Uhde Inbenta-Fischer, Germany has been awarded a contract by OCTAL Petrochemicals. Uhde will construct a 550,000 tpy polyethylene terephthalate resin plant near the company’s existing PET facility in the Salalah Free Zone.
Russia is expecting investments in its petrochemical industry to reach US$ 3 billion in 2010. This is as the country is beginning to see a clear recovery from the recession. Russia accounts for only 2% of global petrochemical production and hopes that the high level of investment will boost the figure.
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