Asia Pulse: IRAN'S ASSALOUYEH TO BOOST PETROCHEMICAL SECTOR: “Talks are underway with the giant international oil company Royal/Dutch Shell over a one-billion-dollar petrochemical project.” (ShellNews.net) 3 Jan 05

TEHRAN, Jan 3 Asia Pulse - Iran will climb to the 35th spot on the world petrochemical rankings by March 2006 following plans to make 15 refineries operational in the hydrocarbon-rich region of Assalouyeh in the coming months, a senior petrochemical industry official said.

The English-language paper `Iran Daily` on Sunday quoted Mehdi Saqafi, deputy head of the National Petrochemical Company (NPC) as saying that Iran is currently the 60th largest producer and exporter of petrochemicals in the world.

He stressed that the petrochemical industry would replace oil industry as the top foreign currency earner for Iran.

He said in spite of the 40-year history of petrochemical industries in Iran, the sector began to develop only in 1996.

The official further noted that the country`s petrochemical production would have to double in a year.

Sixteen private Iranian companies have invested a total of US$164.1 million dollars plus 3.6 billion rials (US$408,531) in the first phase of the national project to create necessary infrastructure in special economic/petrochemical zones across the country.

Four foreign firms have also joined the initiative with a total investment of US$590 million.

Talks are underway with the giant international oil company Royal/Dutch Shell over a one-billion-dollar petrochemical project. During March-September, five major petrochemical projects with a total investment of three trillion rials plus US$800 million have become operational.

Iran`s petrochemical production capacity will reach 15 million tons by March 2006.

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