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Iran to Launch 5 Major Petchem Projects by 2024

Iran to Launch 5 Major Petchem Projects by 2024
(Saturday, January 20, 2024) 13:48

TEHRAN (NIPNA) – Iranian Minister of Petroleum Javad Owji announced plans to commence operations for five major petrochemical projects by the end of the Iranian calendar year 1402 (ending March 2023).

In addition to these projects, he highlighted the revival of several other delayed projects from 2004 to 2006, clarifying their objectives and progress.

Speaking at a government meeting on Wednesday, Owji emphasized the importance of moving forward with the petrochemical sector's expansion.

He revealed that the Ibn Sina Petrochemical Project in Hamedan, which was approved in 2004 during the Supreme Leader's visit to the province, had remained inactive until the current administration allocated a substantial budget of one billion dollars, reinvigorating its implementation.

Owji provided insights into the broader efforts of the Ministry of Petroleum, stating that, alongside the Hamedan project, five other major petrochemical projects are undergoing execution.

He specifically noted the progress made on projects that had been stalled and unresolved from 2004 to 2006, outlining the assigned tasks and the steps taken to put them back on track.

The Petrochemical Project in Zanjan, despite having 98,000 public investors in the province, was one such project that remained dormant since 2006. However, under the current administration, it has become operational, achieving a notable advancement in execution from 18% to 53%.

Among the projects in progress, Owji highlighted the significance of the petrochemical initiatives in Golestan, Torbat Heydarieh, and Borujen. He stressed the importance of operationalizing these projects to prevent reliance on crude oil sales, generate foreign currency, and create employment opportunities.

The announcement comes as part of Iran's broader efforts to enhance its petrochemical industry, contributing to economic growth and diversification. The successful execution of these projects is expected to play a pivotal role in reducing reliance on oil revenues and fostering sustainable economic development.

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