PGPIC to Launch Major Petchem Project in Assaluyeh

PGPIC to Launch Major Petchem Project in Assaluyeh
(Wednesday, February 19, 2020) 16:53

TEHRAN (NIPNA) -- The Persian Gulf Petrochemical Industries Company (PGPIC) has planned to launch Hormuz Petrochemical Project, Iran’s largest petrochemical project, in the southern city of Assaluyeh by 2023.

According to PGPIC CEO Jafar Rabiei at the holding’s extraordinary assembly on Wednesday, the company expected to yield 103% output in the current calendar year to March 20 despite the US sanctions on Iran.

“I cannot speak of the methods our company has adopted to circumvent the sanction but our acceptable performance proves our success,” he said.

Rabiei said PGPIC would launch Bidboland Persian  Gulf Gas Refinery, Ilam Olefin and Lordegan Petrochemical projects by the end of the current calendar year which would add 6 million tons to the company’s annual output with €3.8b and Rls. 55,000b of investment.

He said that the profitability of the company had reached 128% by capital enhancement last year, adding this year's capital increase, in addition to completing projects and converting capital into assets, would be partly used to settle debts to the National Petrochemical Company (NPC).

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