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Launching Bidboland Gas Refinery Defying Bans: PGPIC CEO

Launching Bidboland Gas Refinery Defying Bans: PGPIC CEO
(Friday, January 22, 2021) 16:43

KHUZESTAN (NIPNA) -- The CEO of the Persian Gulf Petrochemical Industries Company (PGPIC) said: “The launch of the Bidboland Persian Gulf gas refinery is the result of defying the sanctions."

Addressing a virtual ceremony to launch the major gas project on Thursday, Jafar Rabiee said the opening of credit for implementation of this project is the result of the Joint Comprehensive Plan of Action (JCPOA).

He said with the launch of the refinery, PGPIC’s petrochemical investment in the current Iranian calendar year which began on March 21 has crossed $5 billion in the petrochemical industry.

“Today, we are at a point where large-scale projects can be implemented by the non-government sector,” he said, adding prior to its official inauguration, the refinery had already exported 5 shipments.

Rabiee further voiced the holding’s preparedness to step in upstream projects of the oil industry.

“PGPIC has invested $3.4 billion in the project of which $2.2 billion was provided by the dipping into the National Development Fund of Iran and the rest were provided by the banking syndicate,” he added.

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