Iran’s Kian Petrochemical Company has signed a preliminary agreement with Germany’s Linde for front end engineering design (FEED) work on four units in the long-delayed 12th Olefin complex. The plant, which will be built in the second phase of the Pars Special Economic/Energy Zone at Assaluyeh, will incorporate a 1.26mn tons/year cracker and 1.23mn t/y aromatics plant.

The petroleum ministry’s Shana website estimates the value of the deal at €34.94mn ($38.40mn) and says the FEED work is expected to take 12 months once the final approval has been given. Project developer Kian is owned 58% by private firm Parsian Oil and Gas, 40% by the government’s Teachers Investment Fund and 2% by private investment firm Hamun Sepahan. (CONTINUED - 585 WORDS)