According to the Persian Gulf Petrochemical Industries Company (PGPIC), the contracts is worth 43 million euros and IRR 2,500 billion.

A ceremony was held on Saturday to sign the contract in the presence of the CEOs of the Petrochemical Industries Development Management Company, Noori Petrochemical Plant and two Iranian companies called Namvaran and Dorriz.

Safar Ali Babaei, CEO of the Petrochemical Industries Development Management Company, expressed his happiness over conclusion of a fully Iranian contract in the year of “production leap”: "More than 80% of the executive operations and 70% of the equipment supply of this contract are carried out domestically."

He added: "However, it is hoped that during the project, a major part of the 30% purchase of non-Iranian goods could be supplied domestically. This can be done, and in the past, in projects such as Bu Ali Sina.”

Later in the ceremony, Taghi Sanei, CEO of Noori Petrochemical Plant, referring to the start of the project in 2017, said: "Since then, necessary preparations have been made for such a day, and negotiations began with a European company in the post-JCPOA era and the licenses required for principal engineering were acquired."

He pointed out that the output of this project was to reduce heavy end sulfur, which is a compound similar to diesel, from 2500 ppm to 50 ppm and 10 ppm according to the customer's request, adding: "Another achievement of the successful implementation of the project in further phases is the use of heavy end with 10 ppm for the production of LAB, which is used in detergents and is more profitable.”

Nori Petrochemical Plant supplies 4.5 million tons of petrochemicals annually.