Petchem ventures valued at USD3B in progress in western Iran

2022-12-04 02:12:32

(MENAFN) The head director of Iran’s National Petrochemical Company (NPC) stated on Saturday that many petrochemical ventures with an overall funding of USD3 billion are right now ongoing in Ilam Province in western Iran, as reported by Shana.

“Knowledge-based companies, manufacturers of equipment and goods, and other capable domestic companies have an active presence in these projects,” Morteza Shahmirzaei stated on the offshoots of a trip to some petrochemical improvements ventures in Ilam region.

By the end of August, the head director had confirmed that Iran’s yearly shipment of petrochemicals is estimated to amount to USD18 billion in the present Iranian calendar year (closes on March 20, 2023).

“Some products were not considered in the previous periods and we were faced with their import at the cost of five billion dollars,” he mentioned.

Also asserting that “The products of the propylene chain are of special importance and include 70 percent of the total petrochemical imports. To reduce the dependency, the petrochemical company has focused on the development of value chain projects.”

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