Japan to Sell Parts for Petrochemical Plant
Nov. 07, 1990
NICOSIA, Cyprus (AP) _ Japan's Missho Iwai will sell $52 million in parts to Tehran for a petrochemical plant abandoned by another Japanese consortium, the Islamic Republic News Agency reported Wednesday.
The agency, monitored in Nicosia, said the parts were for the trouble- ridden Bandar Khomeini petrochemical plant, the largest project of its kind in the gulf.
IRNA said Missho Iwai and a number of other Japanese firms are to grant millions of dollars in credit to Iran in exchange for exports of liquified natural gas.
Nissho Iwai will replace all components of the complex destroyed in the 1980-88 war with Iraq.
Mitsui, a Japanese consortium, started building the plant in 1974 as a joint project with Iran's state-owned National Petrochemical Co.
The complex was 80 percent completed in 1980, but work had to be stopped due to heavy attacks by Iraqi bombers.
Mitsui refused to finish the plant after the August 1988 cease-fire on grounds that it was not economically feasible.
In February, Mitsui paid Iran $900 million to pull out of the project. The French consortium Technip has been awarded the contract to finish the project.