Iran and Egypt to have mutual investment in petrochemical sectors

Mar 15, 2004 01:00 AM

Iran's Oil Minister, Bijan Namdar Zanganeh said that despite the fact that Iran and Egypt have no reciprocal diplomatic relations, the two sides will have mutual investments in petrochemical sectors of one another.
On the sidelines of the gathering of gas exporting countries in Cairo, Zanganeh emphasized that Iran and Egypt can boost cooperation in economic fields particularly in the petrochemical sector. He added that Iran is keen to invest in the petrochemical sector of Egypt.

In the meantime, Egypt has also voiced eagerness for investing in some economic fields in Iran, he said. Stressing that the issue will be beneficial to both countries, he hoped that the economic ties of the two Muslim countries would be developed.
Iran and Egypt are both rich in gas reserves, and the product is the main raw material employed in development of petrochemical industry.

Source: Mehr News Agency
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