Iran’s Head of National Petrochemical Company (NPC), Marzieh Shahdaei, said that five petrochemical projects are expected to go on stream by the end of the country’s current fiscal year in March 2017, Financial Tribune reported.

Shahdaei further announced that five ongoing petrochemical projects, which are being implemented in Mahshahr, Asaluyeh and other regions, have received Chinese financing, according to Mehr News. She added: “Phase 2 of Kavian Petrochemical Complex with an annual production capacity of 1m tons and Phase 2 of Morvarid Petrochemical Company whose annual output stands at 550,000 tons, in addition to Takhte Jamshid and Entekhab petrochemical complexes, each with an annual production capacity of 250,000 tons will become operational by mid-February.”

Iran’s plans also include the completion of Phase 2 of Pardis Petrochemical Company with an annual production capacity of 1m million tons by the yearend. Shahdaei said three units in Bushehr Petrochemical Complex and Marjan Methanol Plant, which is also know as the 7th Methanol Project, in Phase 2 of South Pars in Asalouyeh will become operational in the following fiscal year.

Shahdaei stated that although good domestic investors exist inside the country, high risk prevents them to make investments in petrochemicals. She deemed attraction of foreign investment, in line with Iran’s general policies, explaining that “from now on, NPC will act as designer and facilitator of plans and policies by paving the path for presence of the private sector.”

Presently, the number of petrochemical complexes in Mahshar, Asaluyeh and other regions are 20, 12 and 18 respectively yielding an aggregate total capacity of 61.5mt/y.