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Countdown Begins for Phase 1 Launch of Hengam Project

Countdown Begins for Phase 1 Launch of Hengam Project
(Sunday, May 19, 2024) 10:09

TEHRAN (NIPNA) - The Hengam Petrochemical Company is gearing up for the official inauguration of its first phase, with its ammonia unit fully operational and poised to significantly boost annual revenue.

According to Gholamreza Jamshidi, CEO of Hengam Petrochemical, the ammonia unit has reached 100% capacity and is ready for formal commissioning by the President of Iran. "We expect annual sales to average between $300 million and $500 million," Jamshidi told Shana, an oil and gas industry news agency.

The company has already exported 14 shipments of ammonia to Turkey, Europe, and India, demonstrating its strong entry into international markets. Highlighting the strategic importance of urea in global food security, Jamshidi noted that the world urea market is continually evolving.

"The urea unit, with an annual capacity of 1.15 million tons, is currently in the pre-commissioning phase and progressing well," he said, anticipating the unit to be fully operational later this year.

Jamshidi emphasized the competitive advantages of Hengam Petrochemical, including its dedicated port facilities and access to open waters. "This project will be a significant foreign exchange earner for the Persian Gulf Petrochemical Industries Company, contributing $300 million to $500 million in annual sales," he added.

Seventy percent of the company's products are slated for export, with the remaining 30% consumed domestically. Jamshidi stressed the importance of exploring new export markets to drive growth in the petrochemical industry.

"The petrochemical sector is resilient to sanctions, and we continue to develop despite external pressures," Jamshidi remarked. "Previously, urea and ammonia catalysts were imported, but now over 90% are produced domestically. Additionally, about 50% of the required components for the urea and ammonia units are manufactured within the country."

Currently, the Hengam project employs over 1,000 workers, with 800 direct jobs expected post-launch. Jamshidi underscored the company's commitment to utilizing domestic capabilities, which has proven successful. "We embraced the risk of leveraging local expertise, and our ammonia was exported using the first Iranian loading arm. This process is now running efficiently," he concluded.

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