Based on the deal, the Italian company
will designate a licensor for a 500,000-ton GTPP (gas to polypropylene) or GTP (gas to polyolefin) project in Iran in an
18-month period and then fund the project.
Upon signing the deal, Bahram Shahsavari,
head of the board of directors of Ardebil Petrochemical Company, said once the
€1.6b project becomes operational, over 1,500 direct jobs and over 10,000
indirect jobs will be generated.
Localization of the technical savvy for construction
of the project as well as training of human forces for running such facilities
have been stipulated in the contract, he added, highlighting the deal's top
features.
Techint is an Italian-Argentine conglomerate founded in Milan in 1945 by Italian industrialist Agostino Rocca and headquartered in Milan and Buenos Aires.