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Iran to build new petrochemical complex in northwestern free zone

Business Materials 30 August 2015 12:41 (UTC +04:00)
A new petrochemical complex will be constructed in Maku Free Trade Zone, located in the northwestern Iranian province of West Azerbaijan.

Baku, Azerbaijan, Aug. 30

By Umid Niayesh - Trend:

A new petrochemical complex will be constructed in Maku Free Trade Zone, located in the northwestern Iranian province of West Azerbaijan.

The project is ratified, Javad Rajabzadeh, deputy head of the Maku Free Trade Zone Organization said, adding Iranian and foreign investors will participate in the project.

Some $1.23 billion will be invested in the project, the official said, Iran's IRNA news agency reported Aug. 30.

Of the mentioned figure $800 million will be invested in US dollar and about $434 million (some 13 trillion rials based on official rate of 29,960 rials per each USD) in national currency, Rajabzadeh added.

The project will provide direct employment for 1,000 people with another 4,000 getting jobs indirectly, he added.

The complex is scheduled to produce 519,000 metric tons of polypropylene as well as 143,000 metric tons of gasoline and 54,000 metric tons of LPG per year, Rajabzadeh said.

Before the imposed sanctions on Iran, the country was exporting about 21.226 million tons of petrochemical products worth $15 billion.

But the figure decreased to 14.492 million tons in a fiscal year corresponding to 2012 and this level remained unchanged until last year, when the figure increased by 18.8 million tons.

During the first four months of the current fiscal year, started on March 21, Iran exported 8.171 million tons, while the production volume stood at 15.66 million metric tons.

Follow the author on Twitter: @UmidNiayesh

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