Iran Invests $7.5b in Gathering APG

(Tuesday, October 8, 2019) 18:03

TEHRAN (NIPNA) – Iranian Minister of Petroleum Bijan Zangeneh said contracts with a total value of $7.5 billion had been inked with domestic companies for gathering associated petroleum gas (APG) and consuming it as petrochemical feedstock.

Addressing the 5th Oil and Power Congress in Tehran on Tuesday, the official said currently there are massive potentialities for development in the oil industry as it still served as the driver of the Iranian economy.

He said the deals were signed with the Persian Gulf Petrochemical Industries Company (PGPIC) and Maroon Petrochemical Company.

 “By development of the petrochemical sector and downstream industries, the oil industry would become more active,” he said.

The official said that the country expected the second leap in the petrochemical industry by 2021 and its third leap by 2025.

The third leap in the industry would bring Iran’s petrochemical revenues from currently 27 billion dollars per year to 33 billion dollars, he added.

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لوگو- نیپنا

National Petrochemical Company