The CEO of the Persian Gulf Petrochemical Industries Company (PGPIC) said the holding was building petrochemical projects totally valued at $8.5 billion dollars.
Addressing a ceremony to break the grounds for construction of a petrochemical project in the southwestern city of Andimeshk on Thursday, Jafar Rabiei said PGPIC had finalized a deal with the National Iranian South Oil Company (NISOC) for gathering associated gases in oil-rich regions.
“Today, the petrochemical industry has joined the National Iranian Oil Company (NIOC) for gathering flare gases which are of high value,” he said.
The official said Bidboland II Gas Refinery, Lordegan Urea and Ammonia Project and Ilam’s Olefin Plant, totally valued at more than $4 billion, were to be launched next calendar year.
Iran is due to offer 10,000 tons of light naphtha, 2,000 tons of heavy naphtha and large cargoes of petrochemical products to domestic buyers through its energy bourse on Sunday, in a direct sale to bypass the US unilateral sanctions.
The total amount of Iran’s petrochemical exports in the first Iranian month of Farvardin (March 21 – April 20) increased by 18 percent compared to the same period last year despite the US sanctions, data released by the Customs Office showed.
Iranian First Vice-President Eshaq Jahangiri underlined his country's determination to build roads and railways to link the Persian Gulf states to Syria and the Mediterranean region.
National Iranian Oil Company is discreetly scouring the globe for second-hand oil tankers to replace its ageing fleet and keep crucial crude exports flowing as US sanctions start to bite, Iranian and western sources said.
State-owned National Iranian Oil Company has raised the official selling price differentials for all of its four crude oil grades loading in April and headed to Asia, a company source told S&P Global Platts Wednesday.
The CEO of the National Iranian South Oil Company (NISOC) said the company was planning to carry out 6 contract packages with Rls. 50,000 billion of credits by Masjed Soleiman Oil and Gas Production Company.