Iranian petchem company in talks to attract foreign investment
Tehran, Iran, December 16
By Mehdi Sepahvand - Trend:
Iran's Masjed Soleyman Petrochemical Industries Co. is in talks for attracting foreign investors for completing its phases two to four, the company's Marketing and Tenders Director Hanieh Sojoudi said.
The project was first planned to produce 1250 metric tons or urea and 2000 metric tons of ammonia, but now olefin, propylene, ammonium sulfate, lactic acid, and citric acid are also meant to be among the products, she told Trend December 15.
The project's first phase has had 12 percent real progress and will come on stream in three to four years according to a contract that has been signed with a Chinese contractor, she added.
As the products are mainly intended to be export-bound, the fact that the Masjed Soleyman area, Khuzestan Province, is going to become a special economic zone in near future will give extra strength to the company's business, according to Sojoudi.
Once the sanctions are removed, the project will be profitable especially for foreign companies because a customhouse will be opened in the area and export will be much easier, she stated.
She further noted that the project will create 10 thousand direct job opportunities.
Iran is the owner of the biggest gas reserves in the world. The country is using the opportunity to launch numerous petrochemical plants to make the most out of the gas it owns.
There are 67 unfinished petrochemical projects in Iran, with advancements between 10 and 90 percent. Iran hopes to realize an output of 120 million metric tons a year if these projects come on stream.
The country also has plans for 36 new projects that need a total estimated fund of $41 billion. These could increase the country's petrochemical output by 60 million metric tons a year.