Iran to invest $14 billion in Asalouyeh petrochemical projects

Oil&Gas Materials 13 May 2011 14:33 (UTC +04:00)

Iran will invest $14 billion to implement 24 petrochemical projects of Pars Special Economic Energy Zone, Asalouyeh, Fars News Agency reported quoting the Deputy Oil Minister for Petrochemical Affairs as saying.

''According to the Fifth Socio-Economic Development Plan (2010-2015), government implements more than 64 projects and has invested $48 billion,'' Abdoulhossein Bayat said.

Iran petrochemical production increased to 49 million tons. Iran expected to continue new projects in Asalouyeh and is going to increase the production to 55 million tons, Director of National Petrochemical Company (NPC) added.

Twenty-four petrochemical units are to be installed in Asalouyeh and implementing the projects in South Pars needs more than $14billion.

Iran petrochemical production was more than 30 million tons in the first half of the Iranian calendar year (starts in March) while selling 6.45 billion in market, Business Science Monitor reported.

South Pars gas field which is located in the Persian Gulf is the world's largest gas field shared by Iran and Qatar.

According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates.

Iran ranks third in the world in oil reserves and second in gas reserves.