Zangeneh says petchem sector is key to ending poverty in Iran
SHANA – Iranian Minister of Petroleum Bijan Zangeneh says the petrochemical sector is the most effective industry for tackling poverty in Iran.
Addressing a ceremony to launch 4 petrochemical projects in Iran’s oil and energy hub Assalouyeh on Sunday, said the petrochemical industry is an integrated value-generating collection which is most effective in tacking poverty in the country.
He said converting natural gas into value-added products is a determining developing for the region’s economy.
The official called on domestic investors to choose the petrochemical sector as their investment destinations, saying investment in the sector would ensure a bright future for the industry.
He also said that Kaveh Methanol mega project, the world’s biggest methanol production unit, will be officially inaugurated in a matter of a month, adding 2.5 million tons to Iran’s annual petrochemical output.
“The projects set in motion today will complete the value chain in the region,” he added.
He said Kavian Petrochemical Plant, located south of Iran, with a production capacity of 2 million tons of ethylene per day, will be key in completion of the petrochemical value chain to petrochemical plants in the northwestern cities of Tabriz and Urmia.
Kavian injects ethylene to the West Ethylene Pipeline that stretches from south to western provinces of the country to northwestern province of Azerbaijan.
Zangeneh said Iran can easily raise its petrochemical revenues by 40 billion dollars annually by only absorbing 20 to 21 billion dollars of investment in the sector.
“Iran can become the region’s number-one power in production of petrochemicals and downstream industries,” he said.