TEHRAN- The managing director of Persian Gulf Petrochemical Industries Company (PGPIC) announced that a petrochemical park will be built in Chabahar coastal county, in the southeast of the country.

Making the remarks in the coordination meeting for the construction of a specialized park for chemical fertilizers and related industries between the PGPIC and Mokran Coastal Development Headquarters, Abdol-Ali Ali Askari said that 600 hectares of land on the eastern side of Negin Mokran Industrial Estate was allocated for the construction of a specialized park for chemical fertilizers and related industries.

He emphasized the optimal use and handing over projects to the private sector in the future and added: “The purpose of building a specialized park is to prevent crude sales and complete the value chain of refining, chemical and petrochemical products, avoiding creating challenges for the continuation of oil and gas production, optimal use of chemical fertilizers to prevent environmental damage, manage water consumption and increase the efficiency of agricultural production and develop export markets.”

Pointing out that the duration of the project will be three years and it will be implemented in three phases, he said: the amount of chemical fertilizer production in this park will be 700,000 tons and $420 million will be spent for its construction.

Addressing the PGPIC’s annual assembly in late October, the managing director of the company had said his company generated over four billion dollars of revenues in the first half of the current Iranian calendar year (March 21-September 22).

Ali Askari called the holding a development-oriented company, and stated: “PGPIC is the only petrochemical company that is prominent in the world and ranks 23rd among the top 100 petrochemical companies.”

Referring to the petrochemical industry as one of the major driving forces of the country’s economy, he added: “This industry can provide a lot of value to the country by creating development in production and downstream industries despite the sanctions.”

Petrochemical is Iran's most important industry after oil and gas, and plays 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.

MA/MA