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American Pall Corporation to create JV with Iranian company

11 May 2017 [16:36] - TODAY.AZ

By Azernews


By Kamila Aliyeva 

American Pall Corporation, a manufacturer of proprietary filtration, agreed to establish a joint venture with an Iranian company to produce filters for oil projects.

Managing director of Iran’s Panid Engineering Neda Mousavi Azadegan said that American company will supply the technology of filter production to Iran, according to Azadegan.

She emphasized that this would both lower the costs for providing the equipment for Iran’s oil industry and would also boost safety in projects.

"In the era of sanctions (2012-2015), Iran imported non-standard filters, and now it purchases filters at $10,000 for each, but after the launch of the joint project, the cost of filters will be reduced by 10 times for Iranian projects," she said.

In future Iran may also export filters to Iraq and Central Asia.

This is the first time that Iran claims that the U.S.company agrees to invest in the country after the lifting of sanctions in January 2016.

Today, U.S. companies are allowed to invest in Iran through waivers on the Iran Sanctions Act – the new title of the law since 2006. The investment in Iran’s oil and gas projects may amount to no more than $20 million in a year.

Nevertheless, it is yet to be confirmed that Pall Corporation, one of the largest companies in the field of high-tech filtration, separation and purification, has obtained a waiver from the administration of President Donald Trump which has already adopted a tough line toward the Islamic Republic.

URL: http://www.today.az/news/regions/161029.html

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