New petrochemical plant to be built in western Iran

KERMANSHAH, Apr. 30 (MNA) – A new petrochemical plant with the production capacity of 48,000 tons per year will be established in Sonqor County, western Iranian province of Kermanshah, a lawmaker said Monday.

Sonqor and Kolyaei MP Javad Hosseini-Kia added that the construction operation of the plant will commence on Thursday in a ceremony to be attended by Oil Minister Bijan Namdar Zanganeh.

The plant, which comes in line with the push to promote the downstream petrochemical industry, will provide over 150 direct job opportunities in the region.

Petrochemical is Iran's most important industry after oil and gas. The National Petrochemical Company hopes to lift output capacity to 120 million tons per annum by 2022.

In the March 2018-19 fiscal, Iranian companies exported $14.1 billion worth of petrochemicals. Official data has it that petrochemicals account for 32% of Iran’s non-oil exports.

The petrochemical industry has played a key role in domestic economic growth as it creates value-added and reduces the sale of oil and gas on which the economy has been dependent for decades.

With abundant hydrocarbon reserves and new private sector investments, Iran is working hard to maintain its global status in the key sector and broaden its scope.

MR/4603992

News Code 144687

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