Oil Minister: $4bn to be added to Iran’s petrochemical value

Khorramabad, Lorestan, May 3, IRNA – Petroleum Minister Bijan Zangeneh says over $4 billion will be added to the country’s petrochemical value this calendar year.

Speaking at the launching ceremony of Lorestan Petrochemical Complex, Zangeneh said in the current calendar year (began March 20, 2016) over 8 million tons will be added to petrochemical product of the country.

According to the minister the production capacity of Kavian Petrochemical Complex is two million tons of which one million tons was put into operation and the other one will become operational by the end of the current year.

He said: “Petrochemical is among the most significant indicators of ‘resistant economy’ which prevents raw selling and leads to employment and extraversion which are the characteristics of resistant economy.”

Pointing to the opening of the two Kurdestan and Mahabad petrochemical complexes, he said with the operation of the two complexes 960 thousand tons will be added to the polyethylene and other polymers.

He said Lorestan Petrochemical Complex has been totally ceded to the private sector and is among the largest investments with a value of $400 million.