Iran to increase petrochemical production to 2.5 million tons
Tehran, Iran, Aug.10
Iran is to increase its petrochemical production capacity to 2.5 million tons by March 20,2020, said the CEO of Iranian Investment Petrochemical Group (IIPG).
"The country's production capacity will increase to 2.5 million tons by the operation of three petrochemical projects in Ilam, Lordegan and Urmia by the end of current Iranian year (started March 21,2109)," said Rasoul Ashrafzadeh, Trend reports citing IRNA.
"We will witness launch of petrochemical projects in Ilam , Lordegan and potassium sulfate unit in Urmia during current Iranian year (started March 21,2019)," he added.
"The process of injecting feed to sweetening unit in Ilam petrochemical company has started last month, while Olefin petrochemical unit in Ilam will be ready by February 11, 2020," he said.
The official emphasized on investment plans in other petrochemical projects.
"The construction of Gachsar Petrochemical plant has reached 60 percent of progress, financing the project will be facilitated by issuing $71 million worth of bonds and €30 million letter of credit (LC), and the petrochemical company will produce 1.1 million tons of ethylene per year by 2021," he said.
"Sadaf petrochemical company in Assaloyeh had a 42 percent progress and by issuing LC and $47 million worth of bonds it will start operation by 2021," he added.
"Petrochemical industry is a profitable industry and we seek to enter stock exchange. Urmia and Ilam petrochemical companies would enter trading this Iranian year (started March 21, 2019)," he indicated.