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Tehran has said it needs $72 billion in foreign investment for 80 major petrochemical projects.
Tehran has said it needs $72 billion in foreign investment for 80 major petrochemical projects.

Karoun Petrochemical Co. Expanding Production

Karoun Petrochemical Co. Expanding Production

Karoun Petrochemical Company (KRNPC) has ramped up production of methylene diphenyl diisocyanate (MDI), a key petrochemical product, following the launch of its second major production unit, managing director of KRNPC said.
“The project, jointly executed by Iranian and Swedish engineering groups at a cost of $375 million, produces 40,000 tons of MDI and TDI (toluene diisocyanate), compounds that are widely used in manufacturing flexible foams and glue as well as in packaging industry,” Alireza Sedighizadeh was quoted as saying by Mehr News Agency.
According to officials, KRNPC’s second development phase is now in trial production and will be officially launched in the next few weeks.
Sedighizadeh said KRNPC is also producing aniline, a raw material used in the production of rubber chemicals, pesticides, paints, explosives and medicines. Commenting on Iran’s competitors in this realm, the official said domestically-made MDI and TDI meet international production standards and are on a par with similar products from  Germany’s BASF and Royal Dutch Shell. 
Asked about ongoing petrochemical initiatives, the official noted that phase 2 of Kavian Petrochemical Complex with an annual production capacity of 1 million tons and Phase 2 of Morvarid Petrochemical Company with 550,000 tons, the Takhte Jamshid and Entekhab petrochemical complexes, each with an annual production capacity of 250,000 tons, will come on stream by mid-February.
Tehran has said it needs $72 billion in foreign investment for 80 major petrochemical projects in line with plans to triple petrochemical production over a decade. Annual installed petrochemical capacity is said to be 64 million tons.
Iran holds 38% of the petrochemical market in the Middle East, but only produces 4.8% of the world’s petrochemicals despite sitting on some of the world’s largest crude oil and natural gas reserves.

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