News Agency - Detail

Iran Petchem Industries to Attract €20 Billion Investment in 3rd Makran Hub

Iran Petchem Industries to Attract €20 Billion Investment in 3rd Makran Hub
(Sunday, December 31, 2023) 14:44

TEHRAN (NIPNA) -- The Deputy Minister of Petroleum and CEO of the National Petrochemical Company (NPC) unveiled plans for a substantial €20 billion investment in Makran's third petrochemical hub by the end of the 8th Development Plan, focusing extensively on value chain expansion.

During an operational inspection of the Makran Petrochemical Complex, Morteza Shahmirzai conveyed his congratulations on the National Petrochemical Industry Day, marking the 65th anniversary of the inception of Iran's petrochemical development journey back in 1957.

Shahmirzai emphasized the industry's genuine developmental trajectory following the Islamic Revolution, stating that previously, Iran's petrochemical sectors were heavily reliant on foreign technical expertise, equipment manufacturing, and supply. Yet, today, in adherence to the directives of the Supreme Leader, the industry has transformed into a self-sufficient and robust sector, effectively curbing raw material exports and fostering domestic production.

Regarding the strategic direction of petrochemical development, Shahmirzai termed the completion of the value chain as fundamental. He highlighted the country's current petrochemical capacity, indicating 75 active complexes with an output of approximately 94 million tons annually, projected to surpass 95 million tons by year-end.

Furthermore, discussing NPC’s agenda to commission 10 to 12 petrochemical projects in the final quarter of this year, Shahmirzai spotlighted the significance of environmentally-focused initiatives like the NGL 3200 project. This initiative involves collecting significant gas from the West Karoun region, channeling methane into the national gas grid, and utilizing +C2 as feedstock for petrochemical units.

The CEO also underscored the economic value generated by capturing associated gases, stressing the impact on environmental sustainability. He mentioned the operational significance of the NGL3100 unit, another environmentally impactful project focusing on collecting associated gases from the West Karoun area.

Regarding the development of petrochemical industries in Makran, Shahmirzai highlighted the region's exceptional features, proximity to the Oman Sea, and its close proximity to international markets compared to hubs like Asaluyeh and Mahshahr.

He added that, in line with the Seventh Development Plan, it is anticipated that €20 billion would be invested in petrochemicals in Makran during the Eighth Development Plan.

Highlighting the unique focus on value chain expansion in Makran, Shahmirzai expressed that alongside petrochemical complexes, downstream industrial towns will be developed to market the final products, affirming the area's social responsibility and commitment to sustainable job creation for over 20,000 individuals.

He concluded by stating that the Makran Petrochemical Complex would transform into the largest industry in Sistan and Baluchestan province, aligning with the directives to avoid raw material exports and complete the value chain.

Email is required
Characters left: 500
Comment is required