TEHRAN – A contract has been inked for the construction of three petrochemical complexes, valued at one billion euros, the deputy petroleum minister for petrochemical affairs announced here on Tuesday.
The National Petrochemical Company (NPC) and Iran’s Hampa Company signed the deal for the construction of the Lordegan, Golestan, and Zanjan petrochemical complexes, Gholamhossein Nejabat said.

The complexes will produce 3 million tons of urea and nitrogen fertilizers per annum, he explained.

He went on to say that the output will be for domestic consumption, adding that the Oil Stabilization Fund (OSF) will finance the construction of the plants.

The complexes will boost annual output of urea and nitrogen fertilizers when they come on stream in March 2008.

When 13 petrochemical plants come into operation by the end of the current Iranian calendar year (March 19, 2008), the country’s annual petrochemical output will surpass 27 million tons, the deputy petroleum minister noted.

Nejabat put the NPC’s current Iranian calendar year revenue at $8.3 billion so far, a rise of $3.5 billion compared to the figure for the preceding year.