Iran to increase petrochemical production
TEHRAN, Iran, Aug. 4
Iran is to inaugurate three new petrochemical projects that will help significantly increase production capacity, said Managing Director of the National Iranian Petrochemical Company.
"Total of $1.5 billion has been invested on Kaveh Petrochemical Company, Middle East Kimia Pars Petrochemical Co and Lorestan Petrochemical Company to increase production by more than 4 million tons," said Behzad Mohammadi, Trend reports citing IRNA.
"The country's production capacity would reach 100 million tons by 2022 that is expected to bring $25 billion revenues," he added. "The president will inaugurate these three projects on Aug. 6."
"It is expected that 27 petrochemical projects will be launched by 2022, and from them, figure 17 projects will be inaugurated by the end of current Iranian year (started March 20, 2020) allowing for increase of the production capacity from 66 million tons to 90 million tons," Mohammadi said.
"Total of $950 million was invested by the private sector on the first phase Kaveh Methanol Complex that will add 2.3 million tons to country's annual production. The project is expected to bring $400 million revenue for the country," the director added.
"Middle East Kimia Pars Petrochemical Co with $600 million investment has production capacity of 1.6 million tons of methanol per year. It is planned to create 700 jobs and generate $300 million income," he said. "The project on production of catalyst in Lorestan Petrochemical Company was completed via $20 million investment; the company will produce 100 tons of catalyst per year and generate $30 million income," he said.
Iran has planned to enhance production capacity of petrochemical industry by the end of current Iranian year from 66 million tons to 100 million tons and then increase production to 133 million tons.