IRAN

New Petrochemical Plant at Arak 

Iran's state-owned Bank Melli is to part-finance a $1.3bn petrochemical plant at Arak in west central Iran, according to the Iranian Oil Minister, Mr. Gholamreza Aghazadeh. Speaking at a press conference in Tehran on 3 September Mr. Aghazadeh said that the plant, to be built by West European companies and completed in 5-6 years, will meet 70% of Iran's requirements for plastics and synthetic rubber. He added that the project will involve...