TEHRAN – The National Petrochemical Company (NPC) signed a memorandum of understanding with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) for establishing a new petrochemical complex in Hormozgan Province adjacent to Persian Gulf waters.

According to IMIDRO Head Khodadad Gharibpour, by implementing 14 petrochemical projects in this petrochemical complex, 15 million tons will be added to the country's production capacity, IRIB reported on Monday.
The MOU comes only two days after Washington imposed new sanctions on Iran’s largest petrochemical holding group, aiming to boost pressure on the country’s economy.
“We are planning to integrate other industries such as power plants, aluminum complexes and petro refineries into this new hub,” Gharibpour said on the sidelines of the MOU signing ceremony.
The official noted that the new complex is going to be established in a 2,000 hectares area of land in the Parsian Energy Intensive Industrial Special Economic Zone (PEISEZ).
In December 2018, Behzad Mohammadi, the managing director of the NPC had announced that the company was planning to establish the country’s third biggest petrochemical complex following Asalouyeh and Mahshahr.
The new petrochemical hub is planned to be established by the oil ministry in collaboration with the ministry of industry, mining and trade.
Accessing diverse liquid and gas feedstock is one of the main attractions of Iran’s petrochemical industry for investors, and it is safe to say that the industry is Iran’s most lucrative industry.
Measuring 9,800 hectares in area, PEISEZ is located 15 km west of Parsian City in Hormozgan Province. The site is also located 20 km from the Persian Gulf International Airport and 43 km from Pars Port.
EF/MG