14 petchem projects in Hormozgan to add 15mn tons to Iran’s production capacity

TEHRAN, Jun. 10 (MNA) – Thanks to the new investments made and implementation of new projects in 14 petrochemical companies in Parsian county, Southern Hormozgan province, some 15 million tons will be added to production capacity of the country,” Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced on Monday.

“The set target would be reached via attraction of up to $19.5 billion of investments,” Khodadad Gharibpour said.

Addressing the recent round of US sanctions hitting Iran’s petrochemical sector, the Iranian official said that “sanctions are not a new issue for Iran and it has been a long time that we are managing them.”

“It seems that the sanctions are a psychological warfare but we will continue implementing the planned projects and producing our petchem products,” he added.

On Friday, the United States imposed new sanctions on Iran that target the country's petrochemical industry, including its largest petrochemical holding group, the 

Persian Gulf Chemical industry company (PGPIC).

The US Treasury also designated the holding group's network of 39 subsidiary petrochemical companies and foreign-based sales agents. 

The sanctions come amid heightened tension between Tehran and Washington, following the US unilateral pullout from the Iran nuclear deal, re-imposition of sanctions, and deployment of extra troops to the Persian Gulf region. 

On Saturday, CEO of the PGPIC, in reaction to the recent US sanctions, said the group would continue with calm and according to its previous plans.   

Jafar Rabiei said “at a time like this, we need to keep our composure and take steps on the previously predicted path. One should not overhype the situation on the other side’s favor."

HJ/4636881

News Code 146258

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