Iran has announced the building of a new petrochemical plant.  Ibn Sina plant, to be constructed in Western Iran, comes within Iran’s agenda for producing ethylene oxide and 300,000 metric tons per year (mtpy) production in the downstream chain as IRNA reported.

The project is also set to produce 11,000 mtpy (MGE) of monoethylene glycol, 101,000 mt per year (ETX) of various ethoxylates, 56,000 mtpy (GE) of glycol ether and 32,000 mtpy (MDEA) and methyl di Ethanolamine (EA) ethanolamine.

Ibn Sina Petrochemical plant, to start operation within four years, is a special economic zone of Jahanabad in Famenin, Hamedan provinces. As much as €225 million worth of facilities are expected for the Ibn Sina Petrochemical plant to be built in an area covering around 100 hectares.

Up to €291 million have been invested in this project, 80% of which is a loan from the local foreign exchange resources of the National Development Fund and 20% is the share of shareholders.

Iran has invested some $79 billion in the petrochemical industry. It plans to invest more than $2.7 billion in the creation of some six petrochemical projects with an annual production of 5 mt by the end of the current Iranian calendar year (which ends on March 20, 2024).

Iran’s petrochemical industry is one of the most FOREX-yielding industries in the country during the sanctions period and this has solved many of the country’s foreign exchange problems.

Iran’s National Petroleum Company put the FOREX revenues obtained from the export of petrochemical products from 2019 to 2022 at about $49 billion.