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Iran, India ink 400m petrochemical MOU

TEHRAN, May 06 (Mehr News Agency) -- National Iranian Petrochemical Company (NIPC) signed a Memorandum of Understanding with India's Nagarjuna Fertilizers and Chemicals Limited Company (NFCL) in Tehran on Monday for the construction of a joint urea and ammonia complex in the Pars Special Economic Energy Zone (second phase of Assaluyeh).

The complex's nominal production capacity will be 2,200 tons of urea and 3,860 tons of ammonia per day, PIN reported.

The estimated budget for the project is 400 million euro.

NFCL and NIPC are considered as experienced companies in both establishing and developing chemical fertilizer producing plants.

Iran's drilling industry can not be sanctioned: NIDC's managing director

AHWAZ, May 06 (Mehr News Agency)-"Iran's drilling industry makes use of the world's most complicated technologies and it can not be sanctioned," stated National Iranian Drilling Company's managing director here on Monday .

"Before the victory of the Islamic revolution in Iran, 46 foreign companies used to take care of the country's drilling activities," Heydar Bahmani explained.

He added, "While buying a drilling rig from foreign countries costs about 50 million dollars, the local producers will construct one with only 15 million dollars."

Bahmani went on to note that the first National Congress of Iran's Drilling Industry will provide the foundation for discussions about achievements and scientific experiences of this local industry.

"In this congress about 800 experts will gather to study the latest findings in the drilling industry," he explained.

The first National Congress of Iran's Drilling Industry will be held in Ahwaz on May 7-8.

... Payvand News - 05/07/08 ... --

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