News > News of province

Foreign investments in the National Petrochemical Company’s projects in the past three years reached $4.5 billion, Deputy Oil Minister Gholamhossein Nejabat said on Saturday.
“Iranian participation contracts are based on 50-50 deals,“ he told ISNA, adding that 50 percent of shares belonged to NPC and the rest were owned by a number of foreign companies.
Nejabat also referred to the annual production of 300,000 tons of heavy polyethylene in an Iran-Philippines petrochemical unit in the Philippines.
“Other foreign companies are from Indonesia, Oman, Singapore, India, Venezuela and the United Arab Emirates,“ he said.
Some 47 petrochemical complexes will also be established across the country by the end of the fifth five-year economic development plan in 2015.
The NPC chief also said that once the projects come on stream, the volume of domestically-produced petrochemical products will reach 43 million tons.
He anticipated that $32 billion would be invested in this respect.
“Once the projects become operational, the Islamic Republic of Iran will produce over 5.3 percent of the world’s total output,“ he said, adding that Iran would produce 36 percent of the Middle East’s petrochemical production.
“The Oil Ministry has set targets for the annual production of 11.5 million tons of ethylene, 11.5 million tons of polymer and 3.4 million tons of urea,“ he said.
Nejabat noted that Iran will make efforts to become the biggest producer of methanol in the world.