A subsidiary of Germany's engineering firm Thyssen Krupp, Krupp UHDE, and Iranian company Sazeh have signed a 111 million euro contract to build a medium and high density polyethylene plant in Iran, the Iranian embassy announced in Berlin on Saturday, IRNA reported.
Scheduled to go on stream in early 2006, the plant will have a capacity to produce 300,000 tons a year.
The annual production worth is estimated at around 180 million dollars.
Most of the petrochemical products will be exported to European and Asian markets.
The plant will be just one of the downstream units at the olefins 7 complex to be run by Iran's National Petrochemical Company's (IPNC) subsidiary Marun Petrochemical Company.
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