Thursday 01 October 2020
News ID: 81511
Publish Date: 08 August 2020 - 23:44
TEHRAN (Dispatches) - Iranian President Hassan Rouhnai in a video conference has opened the world’s largest methanol plant located in an area on the coasts of the on the Persian Gulf as the country pushes ahead with plans to increase output of petrochemical products to offset the impacts of American sanctions on direct sale of crude.
On Thursday, Rouhani gave the go-ahead for start of work at Kaveh Petrochemical Complex in Bushehr province.
The plant is to produce 7,000 metric tons of grade AA methanol each day, the largest output in the world for a single petrochemical facility.
The construction of the privately-owned plant has cost nearly $1 billion, said a report by the official IRNA news agency which added that annual production of the refinery would be worth around $400 million.
Iran has used foreign suppliers for a third of machinery and expertise required for building the plant, said IRNA, adding that the sprawling petrochemical complex, constructed over a 220-hectare piece of land in Deyr County, will need some 6 million cubic meters of natural gas each day as its feedstock.
During the same ceremony, Rouhani also ordered the opening of another major methanol production plant in the port of Asaluyeh, Iran’s main hub for natural gas refining operations.
The Kimiya Pars Middle East Petrochemical Company will create 700 permanent jobs, said reports by the local media, adding that the facility will feed on 4.5 million cubic meters of natural gas each day.
Annual production for the plant, constructed over four years with an investment of $600 million, is expected to reach 1.65 million tons, or 4,500 tons a day, generating some $300 million in new revenues for the government as the owner of the project.
Another major petrochemical project opened by Rouhani was the polymer catalyst unit at Lorestan Petrochemicals, a refinery located in southwestern Iran.
The IRNA report said the unit has been launched through a $20-million investment and is set to produce 100,000 tons of polymer catalysts each year.

Launching Petrochemical Projects Progressing Despite Sanctions

Rouhani described the inauguration of three major petrochemical projects as a major step towards development despite sanctions and the spread of coronavirus.
"Today we are witnessing the transformation of the petrochemical industry,” President Rouhani said.
"Today’s inaugurations were doubly gratifying, because when we want to distance ourselves from crude oil exports and turn them into valuable products, one of the ways is to develop and transform the petrochemical industry,” he added.
Rouhani stated that 17 petrochemical projects would be inaugurated by the end of the current Iranian year (will end on March 20, 2021).
"These projects are for setting the ground for and materializing the third leap of the petrochemical industry, which will take place in 1404 (2025),” he added.

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