News ID: 272566
Published: 0351 GMT August 06, 2020

Value of Iran's petchem products to hit $37bn in 4 years: Oil minister

Value of Iran's petchem products to hit $37bn in 4 years: Oil minister

Value of Iran's petrochemical products will reach 37 billion dollars in four years by launching 27 more projects and investing 17 billion dollars by the end of the current Iranian calendar year (March 21, 2021), Minister of Petroleum Bijan Zanganeh said on Thursday.

Zanganeh made the remarks at a virtual ceremony to inaugurate three large petrochemical projects by President Hassan Rouhani, IRNA reported.

Noting that 13 more projects will be launched by the end of the current Iranian year on March 20, 2021, Zanganeh said becoming operational of those projects will add another 25 million tons to the country's petrochemical output capacity.

Referring to the important role played by petrochemical companies in the country’s economy, Zanganeh said petrochemicals contribute to 25 percent of the capital market.

Earlier this week, Zanganeh had talked about inauguration of three major projects within days.

The projects were inaugurated on Thursday by President Rouhani via videoconference Bushehr and Lorestan provinces.

Two projects in the southern province of Bushehr were completed with an investment of $1.57 billion by the private sector. They included Kaveh plant, known as the biggest methanol producing facility in the world, and Kimia Pars petrochemical factory. The project, in the western province of Lorestan, was a catalyst producing plant.

The Bushehr’s projects can annually produce about four million tons of methanol.

The Kaveh plant is located in a 220-hectare area near the North Pars gas field in western coasts of provincial city of Dayer. 

It has the capacity to produce 7,000 tons of methanol every day while the Kimia Pars Middle East project has a daily production capacity of 5,000 tons of methanol.

The three projects in Bushehr and Lorestan provide direct employment for 2,110 people. e inaugurated

Zanganeh further said on Thursday that 18 catalysts plants worth 90 billion dollars are planned to be made in the country by the start of the new Iranian calendar year (on March 20, 2021).

Resource: IRNA
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