Iran to invest over $5 billion into own oil-gas sector

Business Materials 2 October 2012 13:41 (UTC +04:00)

Azerbaijan, Baku, Oct. 2 /Trend S.Isayev, T. Jafarov/

Iran plans to invest some $5,5 billion into developing its own oil and gas sector, IRIB News reported.

Country's first vice president Mohammad Reza Rahimi said that country's Oil Ministry will expedite the implementation of Ilam Petrochemical Complex development.

In July 2012, it has been reported that the first phase of Ilam Petrochemical Complex will be inaugurated in December of 2012.

The project started in 2005 through investing of $650 million plus 1 trillion rials. The complex is projected to produce 318,000 tons of ethylene and 300,000 tons of polyethylene per year.