Iran to inaugurate 57 industrial projects by May

Business Materials 2 January 2013 10:13

Azerbaijan, Baku, Jan.2/ Trend F.Milad

Iranian government will inaugurate 57 industrial projects before the upcoming election, country's oil minister said on Wednesday.

"The projects will come on stream at the cost of 570 trillion rials (some $46.5 milion)," the IRNA News Agency quoted Rostam Qasemi as saying.

Currently the development plans of some 70 petrochemical units are also underway, he said at the sidelines of Kermanshah Polymer Petrochemical Plant inauguration ceremony.

Kermanshah Polymer Petrochemical Plant was inaugurated in a ceremony attended by President Mahmoud Ahmadinejad on Tuesday.

According to the Managing Director of National Petrochemical Company (NPC) Abdolhossein Bayat, the new plant has raised the country's polymer output to 6.3 million tons, noting that Iran's overall petrochemical production capacity stands at 57 million tons a year.

He said a total of 4.24 billion dollars has been invested in Kermanshah Polymer Petrochemical Plant, 73 percent of which has been provided by the private sector and the rest funded by the government.

The plant has created jobs for about 1,500 people and is expected to sell 429 million dollars worth of petrochemical products per year.