The National Petrochemical Company (NPC) of Iran will launch three new petrochemical projects by the end of the current fiscal year (March 2020), a senior official said.
The CEO of the Iranian Investment Petrochemical Group Company (PETROL) said three projects, namely Lordegan, Ilam and potassium sulfate unit of Urmia petrochemical plant will come on stream by the end of the current calendar year.
Rasoul Ashrafzadeh said that the projects would add 2.5 million tons to the country’s annual petrochemical production capacity.
The official said that the group realized 75 to 90 percent of its production goals last calendar year, adding the company witnessed a 115% profitability last year of which 25% was made possible by costs management.
He said PETROL’s plans are being implemented in less developed areas.
Ashrafzadeh further said that the olefin unit of Ilam petrochemical plant would come on stream by late September and would become operational by November, adding that the project would become fully operational by March 2020.
Furthermore, Urmia petrochemical plant has gained 98% progress and would become operational within the next three months, he added.
Outlining the progress of other projects, he said the Gachsaran Petrochemical Plant has gained 61% progress – a project that is expected to go on a full swing by March 2021.