TEHRAN, Aug. 17 (Mehr News Agency) - Iran has reached preliminary agreements with companies from Russia, Turkey, South Africa, India, and Oman to finance some domestic petrochemical projects, the National Petrochemical Company's managing director said in Tehran on Monday.
The Mehr news agency quoted Adel Nejad-Salim as saying "Some $3.3 billion is required to construct new petrochemical units and complete the semi-finished projects by the end of the year (March 19, 2010)."
"Negotiations are underway with the firms to secure the needed money for the establishment of urea, ammonia, polyethylene, olefin, and methanol production units," he added.
He went on to note that Iran and Oman have already signed a memorandum of understanding to construct Hormoz urea and ammonia production unit in South Pars region, in southern Iran.
The petrochemical unit is projected to annually produce around one million tons of ammonia and 650,000 tons of urea.
Hormoz urea and ammonia production unit is estimated to cost $800 million which will be financed on a 50-50 basis by both sides.
"Four petrochemical projects with a total investment of $1 billion will come on stream by the next two weeks in the Pars Special Energy Economic Zone," Nejad-Salim explained.
Referring to the Zagros Petrochemical Complex's second unit as one of the mentioned projects, he said, "Once the unit comes on stream, 1.65 million tons will be added to the country's methanol production capacity."
According to Zagros Petrochemical Company's managing director, by putting the unit into operation, Iran will reach the annual methanol production capacity of 6.05 million tons, 12 percent of the world's total capacity.
The Iranian Oil Minister Gholam-Hossein Nozari had previously stated that launching 10 new petrochemical units (including the inaugurated Mehr Petrochemical Complex) will add some 8.8 million tons to the country's petrochemical output by the end of the current calendar year."
"Through $4.3 billion investment, the projects will be commissioned which would raise the country's production capacity up to some 39 million tons" he added.
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