PGPIC 2nd Largest in Mideast

PGPIC 2nd Largest in Mideast
PGPIC 2nd Largest in Mideast

Persian Gulf Petrochemical Industry Co. (PGPIC) is the second largest petrochemical company in the Middle East, managing director of the PGPIC said, IRNA reported.

Adel Salimnejad said, "More than 11 percent of the shares in the bourse belong to the PGPIC. We are the 53rd largest petrochemical company in the world worth an estimated $131 billion."

With investments in 60 companies in the petrochemical industry, PGPIC sells around $12 billion worth of petrochemicals annually, according to Salimnejad.

Highlighting the long-term development plans of PGPIC, he said, "Petrochemical complexes are important due to their output, and their role in economic development and the capital market."

Four PGPIC subsidiaries that posted a loss last year, including Arvand, Tondguyan, Pasagrdad and Rahavaran Fonoon petrochemical complexes, have now become profitable. However, two subsidiaries are still showing losses and PGPIC will soon decide on their future.

Construction of Bid Boland II refinery in Bushehr Province is one of the company's major projects. The refinery is to be built by PGPIC, with a consortium of six national banks.

The refinery is expected to produce one million tons of propane, 500,000 tons of butane, 1, 5 million tons of ethane for production of ethylene, and 400,000 tons of liquefied petroleum gas (LPG), per year.