South Korea's chemical company Hyosung Corp. has signed a memorandum of understanding with Iran to produce polypropylene, according to the country's Pulse news agency.
Citing chemical industry sources, Pulse News said the Korean company has been in talks with Iran's state-run National Petrochemicals Co. (NPC) to determine the feasibility of its PP business. The talks have not yet come a conclusion.
Industry observers, said the report, expect Hyosung to “expand its offshore manufacturing network and set up a PP production plant in Iran.” Hyosung announced in February that it will build a €314 million PP plant in Vietnam.
Cho Hyun-sang, Hyosung president, who visited Iran in May as a member of a business delegation alongside former South Korean president Park Geun-hye, has since been building business networks with the Iranian government.