Nov 22, 2010, 6:01 PM

$44b investment for 64 petchem projects

TEHRAN, Nov. 22 (MNA) – The growth of the petrochemical industry in the country’s Fifth Development Plan (2010-2015) consists of 64 projects with an annual capacity of 50 million tons and an investment of $44 billion.

IRNA reported that the petrochemical projects of the plan are currently in different stages including contract closing, engineering and logistics.

The oil minister has directed that financial resources needed for the project be provided by domestic and foreign banks’ facilities and participation bonds.

Currently some of these projects are being implemented by the National Petrochemical Company with investments by Saderat Bank and Pasargad Bank and private sector investors.

According to Article 44 of the Constitution the National Petrochemical Company will own 10 to 20 percent of each project.

MRK/SJ

END

MNA

News ID 43150