Tehran, July 25, IRNA-Iran's Deputy Oil Minister Mohammad Reza Ne'matzadeh said in Tehran on Monday that all oil and petrochemical contracts signed with domestic and foreign companies are legal and in accordance with domestic regulations.
All deals were inked according to the Oil Ministry's timetable, Ne'matzadeh told IRNA, adding the future deals are signed similarly.
He stressed the contract on construction of ethylene (8th olefin) factory in Pars Energy Special Economic Zone is perfectly legal.
"If Majlis approves the `interest-free finance' bill, all finance and banking operations will grind to a halt, blocking foreign investment off," warned the official.
Ne'matzadeh expressed hope the Guardian Council and the Expediency Council will find an appropriate solution to the case if the bill is approved.
Iranian companies are implementing 45 percent of petrochemical projects on average, said the deputy oil minister, vowing the figure will soar 50 percent.
Shifting to construction of the world's biggest olefin factory (10th olefin) in Pars zone, he said, "With an annual production capacity of 1.32 million tons, the factory will be inaugurated in 2007."
The ranking official said 1.225 billion dollars and 3,500 billion rials have been allotted to the construction operations, adding its polypropylene unit with an annual production capacity of 300,000 tons will come on stream by mid-March 2006.
All contractors of 10th olefin factory are Iranian, he boasted.
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