Over $1b invested to build 4 petchem parks across Iran

Managing Director of Iranian Investment Petrochemical Group (IIPG) says nearly 44 trillion rials (about $1.04 billion) has been invested to construct four petrochemical parks across the country.

The construction of these four petrochemical parks would create more than 12,000 direct jobs and the average return rate of the projects is about 30 percent,” Rasoul Ashrafzadeh told IRNA.

According to the official, the first park is going to be established in Urumieh city in West Azarbaijan Province with 7.5 trillion rials (about $178.5 million) of investment.

This petrochemical park will create direct job opportunities for 940 people, while offering 2,900 indirect jobs, the official said.

“The park will be built to work on six areas, including resin making, melamine sheets, laminate flooring, MDF, HDF and parquet,” he added.

The official further noted that three other parks are going to be constructed in Ilam and Chaharmahal-Bakhtiari provinces.

As reported, two parks are set to be built in Chaharmahal-Bakhtiari province while the other one is based near Ilam.

These parks will also have different areas for producing a variety of petrochemical products including laminate sheets, paint, leather, synthetic leather, paper industries in seven areas, melamine, chemical fertilizers, and plastic industries, etc.

The construction of petrochemical parks is considered complementary of the petrochemical industry’s value chain and can prevent the sale of raw materials and the import of similar products, thus preventing the outflow of revenue from the country.

Petrochemical industry plays a crucial role in Iran’s non-oil economy, as the petrochemical export is the second largest source of revenue for the country after crude oil. Petrochemical exports already constitute nearly 33 percent of the country’s non-oil exports.

Iran has been highly developing this sector over the recent years as the development of the giant South Pars gas field (Iran shares with Qatar in the Persian Gulf) has been supplying more feedstock to the petrochemical units.

Also, the U.S. sanctioning Iran’s oil exports has encouraged more development of the petrochemical industry to boost exports from this sector.

The country has also been developing the industry’s downstream sector in order to promote the production of products with more added-value.

In this regard construction of petrochemical parks, petro-refineries alongside the development of the country’s current petrochemical complexes is highly pursued by the oil ministry and especially the National Petrochemical Company (NPC).


Leave a Comment:


Iranian steel industry outshining the world against the odds

Iranian Steel industry has been constantly developing over the past years against all the pressures and obstacles created by the outside forces like the U.S. sanctions and the coronavirus outbreak that has severely affected the performance of the world’s top producers.

Economy Ministry issues over $19.5b of bonds in a year

Iranian Finance and Economic Affairs Ministry’s Deputy for Financial Supervision and Treasury Affairs issued a total of 820 trillion rials (about $19.5 billion) of Islamic bonds in the previous Iranian calendar year (ended on March 19), IRNA reported citing the deputy’s annual performance report.

Govt. raises $3.6b by selling stocks

Head of Iran’s Planning and Budget Organization (PBO) has said that offering shares of state-owned companies has brought the government 160 trillion rials (over $3.6 billion) in the first four months of the current Iranian calendar year (March 20-July 21).

Major petchem projects worth $1.6b inaugurated

Three major petrochemical projects with a total investment of $1.6 billion were inaugurated in southern Bushehr and western Lorestan provinces on Thursday.

9th round of govt. bond auctions brings CBI over $1b

The Central Bank of Iran (CBI) on Tuesday held the ninth round of its weekly government bond auctions through which it sold 44 trillion rials (about $1.04 billion) of bonds to banks and financial institutions, IRNA reported.

SP phase 13 transmission pipelines ready to go operational

The gas transmission pipelines of South Pars gas field’s 13A and 13C platforms have become ready to transmit gas from these platforms to the refinery on the coast.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners