Iran to inaugurate new petrochemical plant

Oil&Gas Materials 1 May 2016 14:30

Tehran, Iran, May 1

By Mehdi Sepahvand - Trend:

Iran is going to inaugurate a petrochemical plant in the western province of Luristan on May 3.

The plant will produce 300,000 tons of linear light and heavy ethylene per year, Shana news agency reported May 1.

It will also produce 30,000 tons of 1-Butene in one year, the report said.

The factory was built by using €233 million-investment made by the Iranian Bank of Industry and Mine.

The factory will create jobs for 580 people directly. Once its downstream industrial units are also set up, the firm will indirectly facilitate the employment of 5,000 people.

The construction of the plant started in 2009. It is said to use the latest environment-friendly means of production.

Iran plans to increase its petrochemical output from 60 to 180 million tons per year by 2025. Iran is planning to attract about $70 billion in foreign direct investment in its petrochemical sector by 2025.