Local Firms Sign Contract to Boost Ethane Capture

Bandar Imam Petrochemical Company, a subsidiary of the Persian Gulf Petrochemical Industries Company, and Energy Industries Engineering and Design Company signed an agreement based on which the latter will build an ethane recovery unit for the former, the head of PGPIC said.
“Estimated to cost $50 million, the unit is expected to become operational in 2023,” Jafar Rabiei was also quoted as saying by ILNA.
The EPC [engineering, procurement and construction] contract was signed on Thursday in Tehran between Hamidreza Rostami, the head of Bandar Imam Petrochemical Company, in Khuzestan Province, and Mohammad Ali Ghaffarizadeh, managing director of EIED.
Upon completion, close to 500,000 tons of ethane will be captured and recovered in the petrochemical company for use as feedstock to be converted to value added products, he added.
PGPIC is Iran’s largest petrochemical company, owning more than 11% of the domestic capital market.
It was among the 20 top chemical companies that had the largest operating profits in 2018. Earning a profit of over $3.2 billion, it was at 17th place with a 44.5% increase.
The holding, which was ranked 38th in the Independent Chemical Information Service list of top chemical companies in 2017, improved its status the following year and stood at 35th place. 
ICIS is the world's largest petrochemical market information provider, delivering trusted pricing data, high-value news, analysis and independent consultancy to enable customers to make informed decisions. 
Being the largest and most lucrative company in Iran, it is ranked third among regional companies in terms of size and profit making.
PGPIC sales surpassed $10 billion in 2017 and increased by 24.5% compared to 2016. It had a 2.7% rise in sales from 2017 to 2018, lifting its revenues to $10.2 billion.