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Iran, Tecnimont sign pact to construct refinery, plant

TEHRAN, Iran—Iran and Italy's Maire Tecnimont have signed a $1.1 billion memorandum of understanding to build a refinery and petrochemical plant in Iran's southern oil and gas rich Assaluyeh port.

The Italian firm will carry out the engineering design and construction of a rubber and ABS plant as part of Iran's bid to create the biggest petrochemical park in the Middle East in Assaluyeh.

The agreement was signed between Tecnimont and Iran's Persian Gulf Petrochemical Industries Co.

“Tecnimont will cooperate with Iran in providing finance, equipment and facilities, and tackling process glitches in the petrochemical complexes,” CEO Pierroberto Folgiero said.

Tecnimont was active in Iran's polymer industry before international sanctions were intensified against the Islamic Republic a decade ago.

SRI to expand truck, bus capacity at South Africa site

LADYSMITH, South Africa—Sumitomo Rubber Industries Ltd. is planning to add capacity for radial truck and bus tires at its plant in Ladysmith to meet rising demand for the tires in African markets.

SRI has budgeted $55 million to cover the installation of production equipment for TBR tires at the plant it acquired from Apollo Tyres Ltd. in 2013. SRI said it expects the new capacity to come on stream in mid-2018.

Kobe, Japan-based SRI did not disclose the scale of capacity that it is planning to install at Ladysmith.

Its latest investment is on top of $100 million SRI committed in 2014 to expand overall capacity—to 12,200 tires a day by 2016 and 14,500 tires a day by 2017.

Upgrade at Freudenberg German facility completed

OBERWIHL, Germany—Freudenberg Sealing Technologies has completed an $11 million investment in its Oberwihl site in Germany's Black Forest.

The investment included installation of new production capacity, as well as modernization of equipment.

The operation has been in production for more than 60 years and mainly makes O-rings for industrial and automotive customers.