CEO: $8.5b worth of projects under implementation by PGPIC
Development projects worth $8.5 billion are under implementation by the Persian Gulf Petrochemical Industries Company (PGPIC), said the firm’s managing director.
Speaking at a ceremony to begin the implementation of a project to produce ethylene oxide in Andimeshk, in the southwestern Iranian province of Khuzestan, Jafar Rabee added the contract of a project to process and utilize associated petroleum gases has been finalized with the National Iranian South Oil Company, Shana reported.
He noted that over the past few years, Iranian Oil Minister Bijan Namdar Zanganeh sought to implement this project, adding it will begin in the year ending March 2020.
At present, the domestic petrochemical industry has come to the aid of the National Iranian Oil Company to transfer very valuable flaring gases, the burning of which generates pollution, to two gas processing plants in southern Iran.
This will help supply downstream feedstock to Gachsaran and Khuzestan petrochemical companies in southwestern Iran.
He noted that with more than $4 billion in investment, three major projects to process gas at Bid Boland Gas Treating Plant (Khuzestan Province) and produce urea and ammonia in Lordegan (southwestern Iranian province of Charmahal-bakhtiari) as well as olefin in Ilam (western Iran) will be inaugurated in the year ending March 2020.
The PGPIC’S CEO stressed that his company seriously plans to complete its semifinished projects in the year ending March 2020. He added that today, petrochemical holdings are paying greater attention to petrochemical industry’s development.
“Prior to this, the main focus was on [developing] the upstream sector in the petrochemical industry. However, the PGPIC’S policy is to primarily concentrate on the industry’s downstream sector, an example of which is the company’s efforts to produce ethylene and urea, which have more lucrative markets.”
Andimeshk’s ethylene oxide production is a downstream sector project which generates more revenue compared to producing polyethylene, he noted.
By launching Andimeshk’s new petrochemical plant, “we also seek to boost employment.”
The project to produce 300,000 tons of ethylene oxide and downstream petchem products in Andimeshk was inaugurated in a ceremony attended by Oil Minister Zanganeh in the southwestern Iranian city on Thursday.
PGPIC is the owner of the project, and Petrochemical Industries Development Management Company is its contractor.