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Iran, Venezuela Start Building Petchem Complex, Press TV Says

Aug. 21 (Bloomberg) -- Iran and Venezuela started construction on a petrochemical complex in the southern Iranian province of Bushehr, Press TV reported, citing National Iranian Petrochemical Organization Managing Director Abdolhossein Bayat.

The countries are building a methanol unit in the southern port town of Assaluyeh, Bayat said yesterday, according to a report published on the website of the state-run news channel. Agreements for a similar project in the South American country have yet to be completed, he said, without giving details of the costs.

Iran and Venezuela agreed in October to jointly build petrochemical plants and for Venezuela’s state oil company, Petroleos de Venezuela SA, to participate in Iran’s South Pars natural-gas field.

To contact the reporter on this story: Ladane Nasseri in Tehran at lnasseri@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.

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