TEHRAN – Managing Director of Persian Gulf Petrochemical Complementary Industries Investment And Development Group Company Rashid Ghanei has said new petrochemical projects with a total investment of $600 million are underway by the company.

According to Ghanei, when completed the mentioned projects are going to add 360,000 tons to the country’s petrochemical production capacity, IRNA reported.

The official noted that most of the above-mentioned projects are development projects aimed at competing the value chain of the country’s petrochemical industry.

Persian Gulf Petrochemical Complementary Industries Investment And Development Group Company is a subsidiary of Iran’s biggest petrochemical holding Persian Gulf Petrochemical Industries Company (PGPIC).

Over the past few years, Iran’s National Petrochemical Company (NPC) has been following a new strategy to complete the value chain and diversify the portfolio of valuable products in the petrochemical industry.

The industry has played a key role in domestic economic growth as it creates value-added and reduces the sale of oil and gas on which the economy has been dependent for decades.

With abundant hydrocarbon reserves and new private sector investments, Iran is working hard to maintain its global status in this key sector and broaden its scope.

EF/MA