MNA � The construction project of Hengam Petrochemicals Plant has so far made 70% physical progress and is continuing as planned, the facility�s CEO said.

Amir Masoud Jamshidi said that the first phase of the project, envisaged to supply 726,000 tons of ammonia per year, would come online with the nominal production capacity of 1.155 million tons per year of urea, National Petrochemical Company (NPC) reported.

The plant is being built based on the state-of-the-art technologies for production of urea fertilizers, he added.

The official also said that the second phase of the project had made 48% physical progress.

The project is set to come online with a total investment of �530 million, he said, adding they were seeking methods to provide the required financing for completion of the project through various channels.

Hengam Petrochemical Project is being built with the nameplate production capacity of 2,200 tons of ammonia and 3,500 tons of urea and granule annually.

The development of such projects is vital for fulfilling Iran's desire to expand the petrochemical industry.

Petrochemicals accounted for 34.7% of Iran�s non-oil exports in the last Iranian year (ended March 2018). The industry has achieved continuous growth in the past five years, such that petrochemical complexes have increased from 43 plants to 53, installed capacity has reached 64.9 million tons per annum from 59.8 million tons.

According to data released by NPC, Iran exported 15.451 million tons of petrochemical and polymer products $7.435 billion worth in the first six months of the current fiscal year (March 21-Sept. 22). the figures indicate 9.44% and 23.98% growth in terms of volume and value, respectively, compared to the same period of last year.