Iran on Tuesday launched a major petrochemical plant in the northwestern city of Mahabad in West Azerbaijan Province.
Iranian President Hassan Rouhani, Iranian Minister of Petroleum Bijan Zangeneh and head of the National Petrochemical Company (NPC) along with a number of local government officials attended the opening ceremony of the plant.
During his 2-day tour to the region, President Rouhani also launched Urmia Petrochemical Plant on Monday.
Besides, 284 production units as well as 341 civil and economic with an investment of IRR27, 900b were also planned to be inaugurated by the president in his visit to the region.
The plant is the last unit that will be fed by the ethylene supplied by West Ethylene Pipeline which brings feedstock from South Pars gas field in Persian Gulf waters.
Mahabad Petrochemical Plant is build on 185 hectares of land and is developed for the annual production of 300,000 tons of light and dense polyethylene and 30,000 tons of butane.
Funded by Bakhtar Petrochemical Company (a private sector holding company) with an investment of €210m and IRR3, 223b.
The project is financed by the Iranian Bank of Industry and Mine (€210m), stockholders (€30m and IRR2,221b) and Bank Melli Iran (IRR1,002b).
The plant will create jobs for 600 individuals directly and 1,000 others indirectly.