The investment, approved by Persian Gulf Petrochemical Industries Co.
(PGPIC), aims to turn Bandar Imam into a leading global producer of
polyolefins, CEO Sepahdar Ansari-Nik told the company’s public relations
outlet.
With the new capacity, annual revenues are expected to double to more
than $4 billion within five to seven years from about $2 billion at present,
Ansari-Nik said, crediting the board and PGPIC’s business development arm for
the strategic decision.
He said the company had overcome long-standing feedstock supply
volatility that has plagued the complex for three decades. Since taking office,
the company established a planning and feedstock supply department,
strengthened cooperation with the National Iranian South Oilfields Company, and
increased NGL intake from an average of 40,000 barrels per day in 2021 to over
80,000 bpd.
From early 2024, an additional 18,000 bpd has been secured from the
NGL 3200 project through a joint investment with PGPIC, helping boost
production and exports.
Ansari-Nik added that the second phase of the Hoveyzeh Persian Gulf
Gas Refinery will be completed with funding from Bandar Imam Petrochemical,
raising feedstock capacity to 160,000 bpd. “This will mark a historic milestone
for Iran’s petrochemical industry,” he said.