IIPG Bracing to Start New Petchem Projects

IIPG Bracing to Start New Petchem Projects
(Sunday, May 16, 2021) 13:13

TEHRAN (NIPNA) -- The CEO of Iranian Investment Petrochemical Group (IIPG) announced the company’s plans to kick off fresh petrochemical projects in a bid to complete the value chain.

According to IIPG, Rasoul Ashrafzadeh said his company is planning to start manufacturing two new ethylene oxide and ethylene propylene diene monomer projects with the aim of completing the value chain.

He said, "Considering the move of the Persian Gulf Petrochemical Industries Company (PGPIC) towards development of complementary industries, the products of these industries are strategic and value-creating and prevent exit of hard currency from the country.”

The official added the feedstock of the mentioned projects will be provided through PGPIC subsidiaries and finally these projects will pave the way for promotion of the value chain and development of complementary industries in the industry.

The CEO of IIPG underlined construction of the ethylene oxide project with a production capacity of 68,000 tons per year, and said the project will be fed by ethylene and it will completed with €110 million of investment in 36 months.

Ashrafzadeh went on to add that the other project, an ethylene-propylene diene monomer plant, will also be financed by the group as one of its other development projects, stating the capacity of this project will be 50,000 tons per year, and it will be fed by ethylene and propylene with an investment volume of €154 million.

He said: "Completing the value chain, preventing the sale of raw materials, developing complementary industries, preventing the import of certain items, creating sustainable employment in less developed regions of the country and developing diverse and strategic products are the main goals of implementing the two new projects."

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