Baku, Azerbaijan, Oct. 18
By Fatih Karimov – Trend
A group of Italian investors expressed readiness to invest in Iran’s Jam Petrochemical Complex, SHANA news agency reported Oct. 18.
The Italian delegation headed by Ernesto Paolillo visited the petrochemical complex to study the investment opportunities.
Paolillo welcomed the Iranian party’s proposal for investment in Propane De Hydrogenation (PDH) and Polypropylene (PP) units of Jam petrochemical complex, expressing hope that the parties will achieve an agreement on the issue in the near future.
He also said that it would've been good to attract the European banks to participate in the long-term investments in Iran's petrochemical sector.
Jam Petrochemical Complex in the biggest polypropylene producer in Iran.
The olefin unit of the petrochemical plant has the capacity to produce 1.32 million tons a year of ethylene and 306,000 tons of propylene.
The high-density polyethylene (HDPE) unit of the plant produces 300,000 tons a year of the product in 26 grades while the linear low-density polyethylene (LLDPE) unit of the plant markets 300,000 tons of its products a year.
Iran produced 46.4 million tons of petrochemicals during the last fiscal year, but for the current year, the figure is planned to reach 54.7 million tons.
The country’s actual production capacity is around 61 million tons per year, but the shortage of natural gas as feedstock, old production units and the sanctions which have dropped exports, have caused petrochemical complexes to work at a lower capacity.
Iran hopes to bring the capacity to 100 million tons by 2020 and 160 million tons by 2025.