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Iran Inaugurates Six Petchem Projects to Enhance Value Chain

Iran Inaugurates Six Petchem Projects to Enhance Value Chain
(Wednesday, June 26, 2024) 11:27

TEHRAN (NIPNA) - In a strategic move to enhance the value chain in the petrochemical industry, Iran has inaugurated six major petrochemical projects, highlighting the sector as a key value-adding link in the nation's oil industry.

On Monday, June 24, 2024, 11:59 AM, 17 significant oil industry projects, with an investment of 1.8 quadrillion rials ($4.26 billion), were officially launched in seven provinces. The inauguration ceremony was attended by Mohammad Mokhber, Acting President; Javad Owji, Minister of Petroleum; and Morteza Shahmirzaei, Deputy Minister of Petroleum and CEO of the National Petrochemical Company.

The projects, aligned with the government's strategy to complete the petrochemical value chain, represent one of the Thirteenth Administration's primary industry priorities. The six new petrochemical projects, with a combined capacity of 3 million tons, have commenced operations as part of this initiative.

The new ventures include:

- Hengam Petrochemical Complex in Bushehr Province, with an annual production capacity of 725,000 tons of ammonia and an investment of $328 million.

- Damavand Petrochemical Company's Fourth Air Unit in Bushehr Province, with a capacity of 814,000 tons per year and an investment of $82 million.

- Bu Ali Sina Petrochemical Company in Khuzestan Province, with the reconstruction of a xylene unit to a capacity of 40,000 tons per year and an investment of $40 million.

- Nakhl-e Asmari Petrochemical in Khuzestan Province, aimed at producing 31,000 tons of petrochemical products annually with an investment of $43 million.

- Aryan Methanol Petrochemical in Bushehr Province, designed to produce 1.65 million tons of methanol per year, with an investment of $243 million.

These developments are part of Iran's broader efforts to maximize the petrochemical industry's potential, creating significant value and reinforcing its critical role within the national oil sector.

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