Baku, Azerbaijan, May. 3
By Khalid Kazimov - Trend:
Iranian First Vice-President Eshaq Jahangiri and Oil Minister Bijan Namdar Zanganeh have attended an official ceremony for inaugurating a petrochemical plant of Lorestan Petrochemical Co May 5.
Mohammad Hossein Maghazaei, the head of Lorestan Petrochemical Co, has said that the plant will produce 300,000 tons of linear light and heavy ethylene per year, Shana news agency reported.
It will also produce 30,000 tons of 1-Butene (organic chemical compound) in one year, he added.
Iran is planning to attract about $70 billion in foreign direct investment in its petrochemical sector by 2025.
Iran's petrochemical output hit 46 million tons in the last fiscal year (ended March 20), 2.5 million tons more year-on-year. Petrochemical plants in Iran had to work below the actual production capacity due to the shortage of natural gas as feedstock, old production units and the sanctions, which has caused a decline in exports.
The country's petrochemical output capacity currently stands at 60 million tons. The Islamic Republic hopes to bring this capacity to 120 million tons by 2020 and 180 million tons by 2025.