Baku, Azerbaijan, June 4
By Fatih Karimov - Trend:
Iran is negotiating with foreign investors for development of the Masjed Soleyman petrochemical complex project, Yousef Davoudi, managing director of Masjed Soleyman Petrochemical Plant, said.
A Chinese company has been involved in financing the first phase of the project, Davoudi said, SHANA news agency reported June 4.
The project is now 16 percent complete and is expected to come on stream within the next 2.5 years, he said.
Davoudi further said that experts from China have started the work on the project.
He also added that currently talks are underway with investors from China, India and Turkey for development of other phases of the project.
Masjed Soleyman Petrochemical Plant will produce urea and ammonia as its key products. The daily production target of each in the first phase will be 3,250 tons of urea, 2,050 tons of ammonia.
Iran's petrochemical production capacity is around 60 million tons per year, but the country has planned to double this figure by 2021.
The city of Masjed Soleyman is the birthplace of Iran's oil industry. Oil gushed out of its well 107 years ago.