PGPIC in Charge of Petchem Development

PGPIC in Charge of  Petchem Development
PGPIC in Charge of  Petchem Development

Persian Gulf Petrochemical Industry Co. (PGPIC) will take over from National Petrochemical Company (NPC) the administration of petrochemical development plans, said the stocks and investment director of PGPIC, Shana reported.

Khosro Rahmati said the PGPIC holding company will continue to carry out the country's petrochemical projects where the NPC left off.

"With 80 subsidiaries in the holding, the PGPIC owns more than 11 percent of Iran's capital market," he said, underlining the company's share value in the stock exchange. PGPIC aims to support the downstream petrochemical sector and develop the upstream sector along with expanding the growth of supplementary industries. "We are ready to thoroughly support the petrochemical industry," he stated. The cooperation of upstream and downstream sectors could halt the selling of raw petrochemical materials, increase the value added and help improve the profitability of firms. The PGPIC has 15 members, including Bandar Imam Petrochemical Co., Pars Petrochemical Co. and Arvand Petrochemical Co.

  Bid Boland 2 Transfer

After the withdrawal of Bank Saderat Iran (BSI), the construction of Bid Boland 2 refinery in Khuzestan Province was allocated to the PGPIC, said the managing director of the PGPIC Adel Nejad-Salim.

The construction of the new gas refinery will commence within the next three months.

In February 2010, the National Iranian Gas Company (NIGC) and BSI signed a contract on building Bid Boland 2 plant and an ethane unit at Parsian gas processing plant under its terms BSI was to allocate $3.3 billion to the projects. But the NIGC decided in May to dismiss BSI from the project due to the bank's failure to fulfill its commitments.

More than $500 million has been invested in Bid Boland 2 and a further $3 billion is needed for the completion of the refinery by the next 3 years.