Through a video conference and during his 19th provincial visit, Iranian President Hassan Rouhani inaugurated the project with an investment of IRR 60,000bn which will be procured by Social Security Investment Company (SSIC).
Phase two development of the petrochemical plant will be constructed in an area of 80 hectares with 15 cubic meters per hour of water supplied from Bojnord water treatment facilities.
The plant is connected to the national power grid for its electricity, however a new power plant is planned to be constructed near the facility.
Besides the budget promised by the SSIC for completion of the project, another IRR 35,000bn is needed which must be supplied from the private sector or foreign resources.
Khorasan Petrochemical Plant earned more than 180 million dollars from the export of its products during the previous Iranian calendar year which came to an end on March 20 2015.