The two companies signed the deal on Tuesday on
the venue of the annual Iran Oil and Gas Show in Tehran.
The document would upgrade the nature of their
relationship from seller-buyer to trade partnership.
PGPIC is the biggest profit-making company in Iran’s
petrochemical industry and has struck the memorandum with Siemens which is Germany’s
technology major and supplier of oil, gas and petrochemical machinery.
It was signed by CEOs of the two companies.
"The message of this MOU is that our
relationship with Siemens would no longer be limited to commodity purchase;
rather the two companies would cooperate in such domains as maintenance and
upgrading the quality of products," Jaafar Rabiei, CEO of PGPIC, said.
"Iran's petrochemical industry will have
long-term cooperation with Siemens. In the past, cooperation with Siemens was
based on separate agreements and in case we needed identical products we have
to go through the same lengthy process," he added.
"That would help reduce the price of foreign
commodities. We can also link domestic companies with big international
firms," said Rabiei.