TEHRAN (FNA)- Iranian and Italian firms signed a contract to develop petrochemical projects in Iran.

The Ibn Sina Complex is due to use Tecnimont’s experiences in the field of utility offside engineering to develop its petrochemical plans with the capacity of producing 266,000 tons of different petrochemical products.

The Italian engineering company had also in 2016 signed a €1bn agreement with Persian Gulf Petrochemical Industries (PGPIC) to build refineries and petrochemical plants in Iran.

The contract also covers financing and the supply of parts and equipment as well as the construction of an acrylonitrile butadiene styrene (ABS) and rubber plant in the industrial city of Assalouyeh.

“Italy is seeking to open a new chapter in its cooperation with Iran, specially in the oil and petrochemical industries,” said Maire Tecnimont CEO Pierroberto Folgiero.