$8.5bln worth petchem projects underway in Iran – official

Business Materials 21 October 2018 16:43 (UTC +04:00)

Tehran, Iran, Oct. 21


The managing director of the Persian Gulf Holding Company said petrochemical projects worth $8.5 billion are currently underway across Iran.

$8.5 billion worth of projects are being implemented in the sector of petrochemistry, Jafar Rabiee said, IRNA reported on October 21.

He added that three major petrochemical projects will come on stream in the cities of Lordegan, Chaharmahal and Bakhtiari Province, Olefin in Ilam, and Bid Boland in Khuzestan.

The projects will be implemented with a $4 billion finance, Rabiee said.

Iran holds some of the world's largest crude oil and natural gas reserves, but its petrochemical industry is comparatively underdeveloped.

Petrochemical is Iran's most important industry after oil and gas. Iran’s National Petrochemical Company hopes to lift nominal output capacity to more than 120 million tons per annum by 2022, the last year of Iran's Sixth Five-Year Economic Development Plan.