About IRR 20.425 trillion plus USD 1.285 million will be invested in 21 petrochemical projects which are expected to be implemented under Mehr e Mandegar Plan.

As per report, butane production unit of Jam Petrochemical Complex and polyvinyl chloride production line at Arvand Petrochemical Complex are the 2 projects which have come into stream. Other 19 projects will become operational by June 2013.

According to a statement released by the Oil Ministry, some USD 2 billion of the sum required for implementation of the petrochemical projects has been procured through the financial resources of National Development Fund.

Bank Mellat is also expected to extend IRR 500 billion loan facilities to the projects which are 90% complete. The remaining fund required to implement the projects will be procured through issuance of IRR 10 trillion of bonds by Bank Sepah.

Mr Abdolhossein Bayat MD of National Petrochemical Company said that plans have been drawn up for using the vacant capacity of petrochemical industry. Optimal utilization of the industry's empty capacity will lead to an increase in the production of petrochemical commodities.

Source - Iran Daily

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