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In Brief

August 2017

Iran, Iraq to set up zones

IRAN and Iraq have signed a memorandum of understanding (MoU) to set up joint industrial zones, said a report.

Iran’s Minister for Industry, Mining and Trade, Mohammadreza Nematzadeh and Iraqi Minister for Industry and Minerals Mohammed Shia ‘Al Sudani signed the agreement on earlier this week, added the Iraq Business News report.

Al Sudani said that the future of Iraq is to increase private sector cooperation between the two countries.

 

Equate restarts Ethylene Unit 2

KUWAIT-based Equate Group, a global producer of petrochemicals, has announced the successful restart of its Ethylene Unit 2 (EU2) in Kuwait, following a brief shutdown for technical reasons last month.

 Equate Group’s president and CEO Mohammad Husain, said: “Operations at our EU2 have resumed normally in record time following repairs.”

The EU2 has a production capacity of 850,000 metric tonnes annually (MTA) and is owned by The Kuwait Olefins Company (TKOC), part of the Equate Group, said a statement.

 

Iran in talks with Total, Shell

IRAN is preparing contracts with French Total and Royal Dutch Shell to implement petrochemical projects, a senior Iranian official said in a report.

The parties are negotiating the final issues for the contracts, Marzieh Shahdaei, head of Iran›s National Petrochemical Company (NPC), was quoted as saying in an Iran Daily News report, citing Irna

Both Total and Shell signed a memorandum of understanding (MoU) with Iran in the petrochemical sector in 2016.

 

Dentons advises OETC

DENTONS, a leading global law firm, has advised Oman Electricity Transmission Company (OETC) on the issuance by OmGrid Funding Limited of $500 million guaranteed notes, guaranteed by OETC. OETC is a member of Nama Group and is the sultanate›s main electricity transmission network operator.

This latest issuance follows on from the successful debut issuance in 2015, which was the first ever investment grade international bond issuance of its kind at that time by an Omani corporate entity.

The notes were listed on the Irish Stock Exchange.




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