Iran Launches $1.3bn Worth of Petrochemical Projects

Date: 21 May 2021 - 21:45

News ID: ۹۰۴۳۶

TEHRAN (Dispatches) - Iranian President Hassan Rouhani has inaugurated three more petrochemical plants in the country with an investment of over $1.3 billion as he hails his government’s records in job creation and improved manufacturing activity through the expansion of the country’s petrochemical sector.
Rouhani used a video conference call on Thursday to open the three plants that are located in the energy-rich regions south of Iran.
His website said in a report that the projects create a total of 2,454 new and permanent jobs.
The largest of the three projects in terms of output size is the Masjed Soleyman Petrochemical Plant, built in the namesake city where the first oil well was discovered in Iran in 1908.
The plant is expected to produce 1.7 million tons per annum (mtpa) of urea and ammonia.
The two other petrochemical plants on the Persian Gulf coast in Asaluyeh would feed on gas supplies from Iran’s South Pars gas field.
One of them, dubbed Sabalan Asaluyeh, would reach a production capacity of 1.65 mpta for methanol in the first year of operation.
Rouhani hailed the rollout of the three projects as a sign of massive expansion in the Iranian petrochemical sector in recent years.
He said Iran’s petrochemical output would double at the end of his eight-year term in office this summer to 100 mpta.
Rouhani’s government had vowed in March 2020 that it would launch 17 new petrochemical plants before it leaves office. The president said the mission was accomplished with the inaugurations that came on Thursday.
“What matters is that we resisted and did not lose our spirit despite all the economic pressures,” said Rouhani in reference to U.S. sanctions that have targeted Iran’s energy sector since 2018.
Minister Hails New Oil
Industry Projects

Iranian Petroleum Minister Bijan Namdar Zangeneh lauded the country’s progress in developing new oil and petrochemical projects.
Namdar Zanganeh made the remarks in the 68th edition of weekly national projects inauguration which was allocated to oil industry projects.
He mentioned three projects that were inaugurated by Rouhani in the same ceremony, singling out the urea and ammonium production plant built in Masjed Soleiman country.
“I’m pleased that a plan with the capacity to produce 1.76 million tons ammonium annually has been erected in this region,” the minister said.
He added that if it weren’t for U.S. sanctions, Iran could use foreign financial sources to double investment in oil industry.
Zangeneh said that the oil ministry has been authorized to develop oil refining project in Masjed Soleiman based on associated gas to improve investments in this region.
He also pointed to the other major projects underway in Asalouyeh which would produce 1.65 million tons of methanol on a yearly basis and said the methanol produced in this plant would be pumped to propylene production chain in the country.
Secretary of the Petrochemical Industry Owners Guild Ahmad Mahdavi Abhari announced earlier this month considerable rise in Iran’s production and export of petrochemical products
“A sum of 11 new petrochemical plants were inaugurated in the country last year which resulted in a 10-percent increase in production,” Mahdavi Abhari said.
He reiterated that the 13-percent increase in export shows that the country has done better in the field.
He added that despite the obstacles created by the sanctions, there are no problems for exports and receiving the money.