Iran's biggest petrochemical holding company, Persian Gulf Petrochemical Industries Company (PGPIC), cemented a polyethylene sales contract with Japan's ITOCHU Corporation.
The document was signed by the two companies on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition.
Based on the deal, PGPIC will supply international markets with 11,000 tonnes of polyethylene on a monthly basis with a total value of US$150 million with the cooperation of ITOCHU.
The deal will be enforced in a few months. So far, a polyethylene consignment has been sent to the Japanese company for quality assessment.
The document was signed pursuant to another cooperation deal between the two companies.