Iran's National Development Fund resumes fund allocation for Sadaf Assaluyeh Petrochemical project
BAKU, Azerbaijan, March 30
By Elnur Baghishov - Trend:
Iran's National Development Fund has lifted the freeze of allocating funds for the Sadaf Assaluyeh Petrochemical project, said Mojtaba Fallah Khorsand, the managing director of Sadaf Assaluyeh Petrochemical Company, Trend reports citing the official website of the company.
Khorsand added that the main reason for the freezing of funds was the expiration of the project's validity documents.
"As a result of consultations of the Iran's Bank of Industry and Mine with the Central Bank of Iran and the National Development Fund, an agreement was reached to extend the validity of the documents for another year," he said.
Khorsand said that the Sadaf Assaluyeh Petrochemical project was suspended after reaching a 43-percent completion rate.
According to him, the reason for this is the bankruptcy of the contractor company. As a result of the efforts, a new contractor has been appointed, and this Iranian year (starting March 20, 2020) construction work will continue.
"The Persian Gulf Star Holding and the Iranian Investment Petrochemical Group have set a 26-month deadline for this project. The construction work and installation of the equipment will be completed by the end of next Iranian year (starting March 21, 2021). It is planned to be commissioned in the first half of next year (starting from March 21, 2022), ”he said.
The Sadaf Assaluyeh Petrochemical Company's plant in Iran's Assaluyeh county is expected to produce 136,000 tons of polymerization styrene-butadiene rubber (ESBR) a year.