TAPPICO AND HEMLA SIGN JOINT VENTURE COOPERATION

Hemla and Tamin Petroleum & Petrochemical Investment Company (Tappico) (www.tappico.com), one of the leading oil, gas and petrochemical companies in Iran, signed a Memorandum of Understanding in Oslo on the 18th of February 2016.

The significant synergy between Tappico’s strong position in the oil and gas industry in Iran and Hemla’s open business model and network of selected upstream oil and gas partners from the Norwegian oil and gas industry forms the basis of the basis of the cooperation.

The two companies shall work together through a Joint Venture to identify and mature projects. Tappico shall secure opportunities in Iran and Hemla, on behalf of the JV, shall tailor the structure of the projects with required competences and excellence based on Norwegian expertize within all disciplines in the oil and gas sector, with focus on resource management, strict international HSE procedures and minimum environmental impact.

Hemla has already entered Iran through a Joint Venture agreement with Kharg Petrochemical Company (KPC), for capture of flare gas and conversion to LNG and LPG at Kharg Island. 

The agreement was signed at the Iranian embassy in Oslo, by the Managing Director of Tappico, Mr. Gholamreza Amirshaghaghi, and Hemla’s Chairman, Mr. Gerhard Ludvigsen, in the presence of Mr. S. M. R. Ayatollahi, the Managing Director of the Social Security Investment Company (SSIC), Mr. Mahmoud Khoshrou, Finance and Investment Adviser to CEO at Tappico and Mr. Alireza Ghasemi, Second Counselor at the embassy of the Islamic Republic of Iran in Oslo.

SSIC (www.ssic.ir) is the main investment arm of the Social Security Organization (SSO) in Iran which insures nearly 40 million Iranian through insurance paid during employment. SSIC is effectively acting as the executive investment manager of SSO’s assets with more than 120 companies under management. This makes SSIC the largest investment company in Iran, owning 10% of Tehran Stock Exchange in value through its listed portfolio.

Tappico is the largest holding company of SSIC, active in the fields of petrochemicals, oil and gas, tire and cellulose. Since its establishment in 2002, Tappico has had a sustained development and has become one of the most important players in the Iranian market.