The Iranian private sector and the Chinese entities are to invest $4 billion dollars in the Masjed-e Soleyman Petrochemical Complex, in southern Iran. The Chinese partners will finance 85 percent of the required investment, the Mehr news agency reported.
The production unit is planned to be finished in 40 months and is projected to produce 4 million tons of urea fertilizer and ammonium per year,
Mehr said.
National Petrochemical Company (NPC) Director Abdol-Hossain Bayat said Iran’s annual production of various petrochemical products will hit 60 million tons from the current figure of 42 million tons by the end of the current Persian year, PressTV reported.
He said about 45 percent of the total production of the country is exported, saying the Islamic Republic exported 18 million tons of petrochemical goods worth $11.6 billion in the last Iranian year.