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'Petrochem projects in Iran's South Pars making progress'
23
May '14
Petrochemical development projects under the Phase 2 of the massive Iranian offshore South Pars gas fields are progressing as scheduled, said Managing director of Iran's National Petrochemical Company (NPC) Abbas Sheri Moqqadm, reports Shana News Agency.

According to the NPC official, the development projects in the South Pars gas fields are progressing more tangibly than before and dynamism has returned in Iranian petrochemical industry.

Mr. Sheri Moqqadm said financing of the projects, especially by China, is proving effective in the world’s largest gas fields shared by Iran and Qatar.

South Pars could become one of the most important production hub for petrochemical products in Iran, and the Government also supports the implementation of development projects in the petrochemical sector, he added.

The world’s biggest natural gas condensate, South Pars is divided between Iran and Qatar. According to the International Energy Agency (IEA), the field has around 50 billion barrels or 7.9 billion cubic meters of natural gas and about 1,800 trillion cubic feet or 51 trillion cubic meters of in-situ natural gas.

Meanwhile, petrochemical sites located in the southwestern Iranian city of Mahshahr are expected to produce around 3.25 million tons of petrochemicals, owing to the completion of its methanol production cycle, informed an official from the Mahshahr Special Petrochemical Economic Zone.

According to the official, the production cycle of methanol is expected to be completed very soon forming a consortium of petrochemical plants that will be active in the zone.

Last week, NPC informed that more than 40 million tons of petrochemical products were manufactured in the country during last calendar year, which ended on March 20, 2014.

According to the NPC, during last calendar year, Iran exported petrochemical products worth $10.723 billion, registering a rise of 1 percent, compared to the $10.165 billion worth of petrochemical products exported during the previous calendar year, which ended on March 20, 2013.

Fibre2fashion News Desk - India

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