The project is the 5th plan in the second leap of
the Iranian petrochemical industry and adds 4 million tons to the country’s annual
petrochemical production capacity.
The ceremony was held via video conference in which Iranian
Minister of Petroleum Bijan Zangeneh was also present.
Being built in 70 hectares of land, the plant is aimed at production of 6 million tons per year of methanol, ethylene, ethylene glycols, heavy polyethylene, acetic acid and vinyl acetate.
Construction operations on the project began in 2011 and the first phase of the project will generate €370 million annually for the country. It also generates jobs for 1,500 people.
It will operate as the only plant to be fed by sour gas from upstream operations with an annual production capacity of 1,323 tons of methane, 850,000 tons of ethane, 130,000 tons of propane, 30,000 tons of butane, 3,000 tons of pentane plus (C5 +), 125,000 tons of sulfur and 1,650 tons of methanol.
The project has cost a total of €1.322 billion. Shastan Holding and Maroon Petrochemical Company are the main shareholders of this project and the required budget for construction of the project has been provided through foreign financing and by the shareholders.