PGPIC Seeks $7.3b for New Projects

PGPIC Seeks $7.3b  for New ProjectsPGPIC Seeks $7.3b  for New Projects

There are plans to attract $7.3 billion in funds for investment in the Persian Gulf Petrochemical Industry Company (PGPIC) projects, director of public relations at the company said, ILNA reported.

Abdol-Rasoul Dashti said, "PGPIC hopes to attract $7.3 billion in investments for new projects by selling products and offering shares in the bourse."

As one of PGPIC's major projects in south Iran, the Bid Boland II refinery is to be built in Bushehr Province at an estimated $3 billion within the next 3 1/2 years, he noted.

Oil Minister Bijan Namdar Zanganeh approved construction of the refinery by the PGPIC after the Pars Petrochemical Company (PPC) failed to complete the project on time.

It 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 per year.

PGPIC has also undertaken extended development projects such as the Veniran (Venezuela-Iran) and Hormoz petrochemical complexes. Iran and Oman reached an agreement in 2009 to jointly build Hormoz urea and ammonia production unit in Asaluyeh in south Iran. Additionally, a contract was signed with Venezuela 7 years ago to construct the methanol-producing Veniran plant in Asaluyeh. However, the two projects are still lagging.

Having more than 11 percent of shares in the bourse, PGPIC is the 53rd largest petrochemical company in the world worth an estimated $131 billion.

Dashti also said the Nouri (previously Borzouyeh) Petrochemical Company is now part of the PGPIC holding. It is known as the largest aromatics producing complex in the Middle East with 4.5 million ton output capacity per year.