Major petchem projects worth $1.6b inaugurated
TEHRAN – Three major petrochemical projects with a total investment of $1.6 billion were inaugurated in southern Bushehr and western Lorestan provinces on Thursday.
President Hassan Rouhani and Oil Minister Bijan Namdar Zangaeh inaugurated the projects via video conferencing, Shana reported.
"Today we are witnessing the transformation of the petrochemical industry. Today's inaugurations were doubly gratifying because when we want to distance ourselves from crude oil exports and turn them into valuable products, one of the ways is to develop and transform the petrochemical industry,” Rouhani said.
He stated that 17 petrochemical projects will be inaugurated in the country this calendar year (started on March 20), and noted: “These projects are for setting the ground for and materializing the third leap of the petrochemical industry, which will take place in [the Iranian calendar year] 1404 (2025).”
"The value of our petrochemical production which stood at $1b has now reached $11b, and again it will increase from $11b to $25b, and from $25b to $37b; this means a great development in the country's petrochemical industry,” he added.
Addressing the ceremony, Zanganh also stressed that the total value of Iran’s petrochemical products will reach $37 billion by March 2024.
The oil minister noted that 27 petrochemical projects worth $17 billion will go operational across the country by March 21, 2021.