NPC to construct four new petrochemical hubs in Iran

22 Apr '14

2 min read

The National Petrochemical Company (NPC) is going to construct four new petrochemical hubs as part of its plans to develop the petrochemical industry, Shana News Agency said quoting NPC managing director Abbas Sheri-Moqaddam.

The four new petrochemical hubs would be built in the second phase of Assaluyeh, in Parsian zone, and in Chabahar and Jask ports.

The creation of the new hubs would help in realization of the objectives of the country’s petrochemical industry, Mr. Sheri-Moqaddam said.

While the construction for new petrochemical plants is underway in Assaluyeh, it is yet to begin in Jask.

A few days earlier, Mr. Sheri-Moqaddam said that the NPC is in the process of giving final touches to the charter for creation of a fund for petrochemical projects.

He said NPC is drawing up Articles of Association for Petrochemical Development Fund with the help of well-known economists and the Stock Exchange, and the setting up of Petrochemical Development Fund would help finance petrochemical development projects.

As per Iranian law, the NPC cannot directly invest in petrochemical development projects, but efforts are currently underway to get the necessary permission to allow NPC to directly invest in petrochemical projects, he added.

During the last Iranian calendar year that ended on March 20, 2014, the exports of petrochemicals from Iran increased by about one percent year-on-year to US$ 10.723 billion. In the new Iranian calendar year that began on March 21, 2014, the country’s petrochemical exports are likely to touch $12 billion, as per NPC estimates.

In order to attract foreign investments in the country’s petrochemical sector, an international conference is being organized in Tehran in late May 2014, where officials are likely to share investment opportunities in Iran with investors from other countries.

According to the NPC, around $8 billion investment would be required for the development of Iran’s petrochemical sector.

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