Azernews.Az

Deputy Director of National Petrochemical Company (NPC) Mohammad Hassan Peyvandi said that there are 67 incomplete petrochemical projects in the country.

"West Ethylene Pipeline is among the main incomplete projects," he said, Fars News Agency reported. "Iran was the first country in the Middle East that developed petrochemical industry. The industry's situation was good in the Fourth Five-Year Development Plan (ended 2010), but the progress was slowed in the Fifth Five-Year Development Plan."

Peyvandi noted the need to work hard to increase the pace of petrochemical industry's development.

According to Peyvandi, NPC has requested the Iranian government to allocate $5-10 billion out of the National Development Fund to finish the incomplete petrochemical projects.

"The money will be allocated to projects that are more than 60 percent complete," he said.


Earlier it was reported that Iran will launch 6 new petrochemical complexes by the end of the current calendar year (March 20, 2015). Once the projects come on stream, the country's total petrochemical production capacity will be increased by 2 million metric tons.

Iran's total petrochemical production is expected to reach 44 million metric tons by the end of the current Iranian calendar year (March 20, 2015).