Turkey agree to an Iran’s OPEC alternative

The Developing 8 (D-8) petrochemical meeting has reached its all expected targets, said Secretary General of D-8 organization Seyed Ali Mohammad Mousavi.

He added «the members agreed to finalize and ratify the proposed draft prepared by Iran on the statue of Petrochemical Products Producing Countries Organization in their coming meeting in first quarter of 2014 in Tehran».

Egypt and Turkey have agreed on an Iranian proposal calling for establishing an organization of «Petrochemical Producing Countries» similar to the Organization of Petroleum Exporting Countries OPEC.

The Iranian Mehr news agency quoted yesterday Abdul-Hussein Bayat, assistant Iranian oil minister, saying that the approval of Egypt and Turkey came on the sidelines of their participation in the talks at the petrochemical committee of the Group of Eight Islamic Developing Nations in Tehran last week, calling on Saudi Arabia and Qatar to participate in the next round.

He noted the meeting was held during the International Petrochemical Fair (IPF) 2013 where representatives of 5 member states, including Iran, Turkey, Nigeria, Malaysian and Egypt reached agreements on further economic cooperation in the field of petrochemical industry.

Prevention of excess capacity-building, benefiting each other’s technological and production capabilities, diversifying products, facilitating access to international markets, considering each other’s geographical location, creating joint market and setting price indices for some or all of products, carrying out scientific research, organizing joint training courses and conferences are amongst objectives of this meeting, Mousavi added.

Petrochemical meeting of D-8 organization members was hosted by National Petrochemical Company (NPC).

Adapted from GulfShip News, Iranian Students' News Agency