Iran plans to invest US$ 20 billion to develop a new petrochemical hub in Chabahar, a port city located to the south-east of the country, Deputy Oil Minister Mohsen Khojasteh-Mehr said.
The plan would be executed in three stages involving total investment of US$ 20 billion, the Minister said and added that only those firms capable of completing their value chain would be allowed to set up petrochemical plants in the port city.
Mr. Khojasteh-Mehr said petrochemical industry has greatly helped the country in reducing its reliance on crude oil earnings.
However, in spite of being one of the world’s leading petrochemical producers, Iran still lags behind in tapping around 12 million tons of its actual rated petrochemical production capacity of 57 million tons. Hardly three million tons of this un-utilization can be attributed to feedstock crisis, he added.
Source:
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