(Yicai Global) Nov. 28 -- Norinco International Cooperation Ltd.[SHE:000065], a Beijing-based construction contractor, will build a CNY10.13 billion (USD1.53 billion) chemical plant construction project in Iran, following an agreement with an Iranian petrochemical enterprise, the company said in a press briefing yesterday.

The firm will provide the Iranian petrochemical enterprise with services related to its petrochemical plant's conversion from natural gas into polypropylene, including design, purchasing, construction, installation, debugging and personnel training.

Norinco International has received an advance payment worth 15 percent of the total contract value, while the Iranian firm has signed loan agreements with relevant financial institutions, worth 85 percent of the contract value.

The Iranian company is a private enterprise mainly engaged oil trading, petrochemical products, and polymer materials. It is also a member of the Iranian Oil, Gas and Petrochemical Products' Export Association and enjoys a good reputation in Europe and the Middle East.

Norinco International is a state-owned construction company with experience in undertaking large-scale engineering projects in more than 10 countries and regions in Asia, Africa, and Europe, covering multiple areas such as transport, housing, energy, communication, and environmental protection.