China to invest in Iranian petrochemical project

Jul 30, 2011 12:00 AM

Construction of a petrochemical complex, which would be the world's largest urea fertilizer and ammonium production unit, was officially started in cooperation with Chinese investors.
The Iranian private sector and the Chinese entities are to invest $ 4 bn in the Masjed-Soleyman Petrochemical Complex, southern Iran.

The production unit is planned to be constructed in 40 months and is projected to produce 4 mm tons of urea fertilizer and ammonium per year, the report said.
The Chinese part would finance 85 % of the required investment.

The National Petrochemical Company (NPC) of Iran has announced recently that the country's petrochemical production will experience a considerable growth by March 2012. 
NPC Director Abdolhossein Bayat said that Iran's annual production of various petrochemical products will hit 60 mm tons from the current figure of 42 mm tons by the end of the current Iranian calendar year, which ends on March 19, 2012.

Bayat said that the increase is due to the implementation of a number of petrochemical projects with a capacity of 8 mm tons and a rise in the feed of the country's petrochemical complexes.
He went on to say that about 45 % of the total production of the country is exported, adding that the Republic exported 18 mm tons of petrochemical goods worth $ 11.6 bn in the previous Iranian calendar year.

Iran has expanded the range and volume of its petrochemical products significantly over the past few years, and the NIPC has become the second largest producer and exporter of petrochemicals in the Middle East.

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