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Iran to Launch 17 Petchem Projects in New Year

Iran to Launch 17 Petchem Projects in New Year
(Saturday, April 18, 2020) 18:34

TEHRAN (NIPNA) – Iranian Minister of Petroleum Bijan Zangeneh said the country was expecting to inaugurate 17 petrochemical projects during the current Iranian calendar year which began on March 20.

Speaking to reporters on Tuesday, the official said the projects would yield $6 billion worth of items.

He also stated that the plants would add 10 million tons to the country’s annual petrochemical production capacity.

The Iranian Minister of Petroleum further said that sale of feedstocks to downstream petrochemical facilities fell by 40% in the previous calendar year, indicating inactivity in the sector which would hopefully be recovered soon.

He also stated that projects concerning leading petrochemical projects were being defined in the Iranian Ministry of Petroleum and would soon be presented as documents.

“We will require the private sector to run the projects; to this end, the private sector developers will need to be encouraged by incentives,” he said.

Mr. Zangeneh further stated that he expected Iran’s natural gas output would cross 1 billion cubic feet per day in the current Iranian calendar year.

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