Iran's two petrochemical companies ink agreement
BAKU, Azerbaijan, Dec. 30
By Elnur Baghishov - Trend:
Iran's Shazand Petrochemical Company (ARPC) located in Markazi province, and Tabriz Petrochemical Company (TPC) located in East Azerbaijan province, have signed an agreement to prevent the sales of petrochemicals as raw materials, Trend reports citing IRIB.
The agreement was signed by the ARPC CEO Ibrahim Valadkhani and the TPC CEO Siavash Darafshi
In accordance with the agreement, units will be set up to increase benzene, heavy naphtha, benzene ethyl, monomer styrene and polystyrene production with joint investment.
At the signing ceremony, Ibrahim Valadkhani noted that over $40 million will be invested in these units
The ARPC CEO added that PGH benzene of first processing stage and other petrochemicals used in the downstream industry will be produced in accordance with the agreement.
Each ton of PGH produced at the ARPC cost about $500, Valadkhani said, adding that the price of the product increases up to $1,200 after another stage of processing at the TPC.
The total revenues of the two companies will amount to $50 million, the ARPC CEO said.
ARPC, along with meeting the domestic demand, exported products for $400 million in the previous Iranian year (from March 21, 2018 to March 21, 2019), Valadkhani said, adding that the company's output reached 1.8 million tons last year.
The company's raw materials used in syringe production are supplied to about 5,000 manufacturing enterprises, Valdkhani noted adding that this prevents outflow of $10 million from the country.