Iran’s Persian Gulf Petrochemical Holding to invest €1B in projects
Baku, Azerbaijan, Apr.26
By Fatih Karimov - Trend: Iran's Persian Gulf Petrochemical Holding will invest €1 billion in development projects in the current Iranian fiscal year, which began on March 21, Adel Nejad-Salim, the company's managing director, said.
The company's output hit 18.5 million metric tons in the past year, he said, adding that the output is projected to rise to 20 million metric tons (equaling 81 percent of it nominal capacity) in the current year, Iran's Shana news agency reported on April 26.
According to studies, the lack of feedstock caused a 35 percent drop in the company's output last year.
Persian Gulf Petrochemical Holding has 60 subsidiaries. It was the second largest petrochemical producer in the Middle East in Iranian fiscal year 1392 (March 2013-March 2014) with $8.2 billion of exports.
Iranian Deputy Oil Minister Abbas Sheri Moqaddam has said that the country is ready to export petrochemical products to Europe and the U.S.
He said that if economically feasible, Iran will offer its petrochemical products to these countries once sanctions against Iran are removed.
He further stated that if the sanctions are lifted, the Oil Ministry's top priority will be to accomplish 62 petrochemical projects.
He further said that once these projects are operational, Iran's petrochemical output will hit 60 million metric tons.