Oct 21, 2018, 3:55 PM
News Code: 83073549
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$8.5bn worth petrochemical project underway

Tehran, Oct 21, IRNA -- The Managing Director of the Persian Gulf Petrochemical Industries Co. (PGPIC) Jafar Rabiei says a project, valued $ 8.5 billion, is implemented in the petrochemical industry.

At a press conference on Sunday, Rabie said for three projects of Lordegan Petrochemical Complex, Olefin of Ilam and Bidboland Refinery, to be exploited next year, four billion dollars have been invested.

He outlined the status of the petrochemical industry, and said, “The petrochemical industry has become one of the main sources of employment and supply of the country's currency.

Rabiei referred to the stocks of petrochemical complexes on the stock exchange and said, “Pars Petrochemicals was provided in Stock Exchange in this summer and three Petrochemicals of Nouri, Buali and Bandar Imam are in line.

The official commented on the supply of Petrochemicals products on the Goods Exchange and said this year, due to exchange rate fluctuations, the volume of demand for commodities on the stock exchange increased by 300%, while no particular incident occurred in the economy, which caused a real demand growth for raw materials.

He also commented on the implementation of new petrochemical projects and said three petrochemical projects with a capital of $ four billion will be launched next year.

Rabiei added that the gas will be converted into petrochemical complex by implementing fired gas collecting in Khuzestan and southern oil fields.

He added that with the implementation of this $ 1.2 billion project, 20 million cubic meters of gas per day will be collected for petrochemicals.

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