Allocation Of $10bn For Completion Of Unfinished Petrochemical Projects

Tehran, Sept 29, IRNA – A deputy at the National Petrochemical Company (NPC) says the government has been proposed to put 5 to 10 billion dollars out of the reserves of the National Development Fund at the disposal of the company for completion of petrochemical projects with 60% progress. The proposal has been forwarded to the oil minister and first vice-president and is currently under debate by the cabinet ministers, he added. Mohammad Hassan Peyvandi, criticizing the trend of privatization of petrochemical industry said so far the transferred units have not abided by their commitments for the development of the industry. Pointing to the existence of 67 unfinished petrochemical projects in the country with a capacity of 60 million tons, the official said Kermanshah petrochemicals is in its operational stage but its ethylene feed which is provided from Kavian Petrochemicals in the south is not enough and therefore is producing at 50% of its capacity. He said Lorestan petrochemicals has reached a progress of 96% and will start operation by the yearend. He also expressed hope that Phases 15 and 16 of South Pars would reach production level to provide the feed for this unit. Peyvandi further remarked that Phases 15, 16, 17 and 18 of South Pars are expected to become operational by the next two years and therefore about 1.2 million tons would be added to the 4 million tons production capacity of ethylene./end