Iranian firms scoop up billions of euros of deals at petrochemical expo | WHAT REALLY HAPPENED

Iranian firms scoop up billions of euros of deals at petrochemical expo

Knowledge-based Iranian companies have clinched deals worth billions of euros at the second specialized forum on supporting domestic production in petrochemical industries.

More than 40,000 billion rials (800 million euros) of contracts and memorandums were signed with domestic manufacturers to localize production of spare parts, fixed and rotating equipment, chemicals and catalysts, a Persian Gulf Petrochemical Industries Company (PGPIC) director said Tuesday.

Last year, Iranian firms had landed some 5,000 billion rials (100 million euros) worth of deals at the first version of the forum held on Kish Island. Less than a year since the signing, over half of the agreements have been implemented, PGPIC director of production control Mohammad Reza Soleimanzadeh said.

At the second three-day forum which opened Monday, more than 70 contracts were expected to be signed with Iranian manufacturers and knowledge-based companies, he said.

“In other words, one year since the first round of this specialized event was held, the projects that are assigned to Iranian companies in the form of contracts or memorandums under sanctions have increased more than eight times.”

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