Abadan Petrochemical Complex in the southern Khuzestan Province is to undergo renovations as part of an initiative to upgrade aging petrochemical plants under the auspices of Tamin Petroleum and Petrochemical Investment Company (TAPPICO).
“We want to rehabilitate Abadan Petrochemical Complex and increase its efficiency,” Mohammad Hassan Peyvandi, TAPPICO managing director was quoted as saying by Shana on Tuesday.
The complex is one of the oldest Iranian petrochemical units which is not operating as expected due to years of poor maintenance, Peyvandi said.
Plans call for raising production at the site and reduce pollution with the help of advanced technology.
Abadan Petrochemical Complex was rebuilt after much of it was destroyed in the 1980-88 Iraq-Iran war.
The official said that access to feedstock and skilled workforce are among the main advantages of the sprawling complex. Much of the feedstock for Abadan Petrochemical Complex is supplied from the nearby Abadan Oil Refinery.
The refinery, once one of the biggest in the world with a capacity of 400,000 barrels a day, is located in the city of Abadan near the Persian Gulf. It was founded in 1909 by the Anglo-Persian Oil Company. According to Peyvandi, one of the options for funding the project is to attract foreign finance. He did not elaborate on the costs and other details.
Marzieh Shahdaei, head of state-run National Petrochemical Company said in an energy conference in Germany last month that Iran wants to attract $72 billion in foreign investment for 80 major petrochemical projects in line with plans to triple petrochemical production over a decade.
Easing of international economic sanctions in January gave fresh impetus to Europe-bound shipments of petrochemicals as well as oil and gas exports.
Iran’s export of petrochemicals to Europe in the seven months between March 20 and Oct. 21 doubled compared to the same period in the previous year.
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