Holding to Launch 1st Petchem Project by March 2021

Holding to Launch 1st Petchem Project by March 2021
(Tuesday, November 24, 2020) 15:17

TEHRAN (NIPNA) -- Sepehr Energy Holding is to launch Sabalan Petrochemical Plant will launch by March 20, 2021.

The company’s CEO, Davood Bagheri, said it is expected that Dena Petrochemical Plant will also be put into operation ahead of schedule.

According to Sepehr Energy Company, Mr. Bagheri stated on Monday at the Annual General Meeting of Sepehr Energy Holding, which was held by video conference in the last fiscal year, most efforts to change the macro approach to projects were pursued. The result was inauguration of Sabalan Petrochemical Plant this year, resumption of operations of Siraf Petrochemical Park after a long break, conclusion of a memorandum for attraction of 100 million euros for the first time in Dena Petrochemical Project, construction of the four-star Sepehr Hotel in Assaluyeh after full closure in the previous years, sale of the first commercial shipment by Sitco Company and the pursuit of removing the legal barriers of Lavan Chemical Company.

He pointed out that after years of waiting, fortunately this year the first petrochemical project of the holding, Sabalan Petrochemical Plant, will come on stream with more than 9% progress in the current fiscal year and an overall progress of 96.3%.

"Considering the attraction of €100 m in foreign investment, a 25% progress in Dena Petrochemical Project is expected in the next fiscal year which will bring its overall completion to 90%; the project is expected to come online ahead of schedule, so in the next 20 months, these two petrochemical projects will be added to this valuable industry of the country,” he added.

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