Asian consortium to invest in Iran’s mega petrochem project

Business Materials 6 August 2018 13:00 (UTC +04:00)

Tehran, Iran, August 6

By A. Shirazi - Trend:

A consortium of Asian firms will invest in Iran’s petrochemical industry, Hossein Alimorad, the director of investment at National Petrochemical Company of Iran (NPC), said.

A consortium of Chinese and Philippine companies has finalized an agreement with Iran for a joint venture in the sector of petro-chemistry, Alimorad told IRNA news agency.

Noting that the firms are going through the final stages, he added that the consortium is ready to start its work for the construction operation of the mega petrochemical project as soon as possible and implement the seven-billion-dollar project.

Alimorad said $2.8 billion would be allocated to the project during its first phase.

“They want to create Methanol industrial chain structure and turn gas into MEG (Mono Ethylene Glycol),” he said.

Iran exported some $4.3 billion worth of petrochemicals during the first six months of 2017.

The country sold more than 10 million tons of a variety of petrochemicals at Asian markets mainly in the aforementioned period.

The installed capacity of Iran’s petrochemical industry has reached some 63 million tons and is projected to soar to 130 million tons by 2020.