Baku, Azerbaijan, Jan. 20
By Fatih Karimov - Trend: The first specialized energy village in Iran will be established to produce different petrochemical products for both industrial and household sectors.
The energy village will be established over the course of four years in the northwestern province of Ardebil , Iran 's Mehr news agency reported on Jan. 20.
Some $300 million will be invested in the project. It will create 1,000 job opportunities in the region.
National Iranian Petrochemical Company's Managing Director Abbas Sheri Moqaddam said on Jan. 18 that Iran invests between €2.7 billion and €3 billion annually in its petrochemical sector.
Based on the national outlook plan, some €8 billion should be invested in the petrochemical sector, he added.
"A large number of projects had been defined, some of which had progressed by 60 percent. We should attempt to complete the semi-finished projects."
If the sanctions had not been imposed against the country, the petrochemical production capacity would have increased to 120 million metric tons, instead of 60 million metric tons currently, he said.
Iran's petrochemical output has exceeded 35 million metric tons since the beginning of the current Iranian calendar year (March 21, 2014).