Iran plans to increase its petrochemical production capacity by nearly a million tonnes per year (tpy), following the launch of operations at three major petrochemical plants in the western region, said a report.
Lorestan Petrochemical Plant in the western province of Lorestan went on stream while two other plants, namely Kurdestan and Mahabad, will be inaugurated by March 2017, adding at least 960,000 tonnes to the country's annual production capacity.
Speaking at the inaugural ceremony of Lorestan Petrochemical Plant, Oil Minister Bijan Namdar Zanganeh hailed Bakhtar Petrochemical Company for implementing the project as a totally private entity, it said.
The minister said that the assignment of the project to the holding company was an acceptable experience as the developer lived up to all of its pledges in constructing the plant.
He added that almost $400 billion was invested in Lorestan Petrochemical Plant — the biggest such investment in the western province of Lorestan, added the report.