Tehran, Dec 3, IRNA-15 to 18 billion dollars worth of investment will be made in the petrochemical industry in the course of the Fourth Five-Year Economic Development Plan (2005-10), said Managing Director of National Petrochemical Company (NPC) Mohammad-Reza Nematzadeh in Tehran on Saturday.
Nematzadeh told reporters on the sidelines of the Fourth International Iran Plast Exhibition that dlrs 10 billion to dlrs 12 billion out of the sum will be invested in Assalouyeh region.
He said the Assalouyeh region will undergo development in 25 phases based on a 10-year long plan with the first phase already being completed and the second phase in stage of tendering.
Elsewhere in his remarks, Nematzadeh elaborated on the overseas activities of NPC, saying it has embarked on a low-scale business in Philippine, holding a 60 percent share in a petrochemical unit, which will soon become operational.
He said that furthermore, NPC owns one third of shares in Oman oil company with another one third of the stocks owned by a Korean company.
The official said NPC has investment in such countries as Singapore, Uzbekistan and Turkmenistan on its agenda.
Five ethylene projects in west Iran are almost complete and five others await cabinet and parliamentary approval in order to go through tendering and negotiation stages, according to the official.
He expressed the hope that in the next six months, all contracts related to the west ethylene pipeline project will be signed.
He said the government is to finance dlrs 100 million needed for implementation of the west ethylene pipeline project.
He went on to say that east ethylene pipeline project is also under feasibility study and feedstock supply.
Concluding his remarks, Nematzadeh said that once three big polymer projects come on stream, the country will no longer face any shortage of these products.
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