The first phase of the compounding unit of Maroon Petrochemical Plant will come on-stream before the end of the current Iranian calendar year which began on March 20th, according to Rahim Sharif Mousavi, the facility’s CEO, SHANA reported.

Mousavi added that the unit’s first phase is being developed with approximately $12.4m of investments, Iran Daily wrote.

Mousavi said the unit is being constructed with the aim of completing the value chain in the downstream sector of the industry in the regions and prevent the sale of raw materials.

The petchem projects are in line with the country’s boosting sector, as Iranian Minister of Petroleum, Bijan Zangeneh, previously announced; Iran’s export of petrochemical products increased by 46% and stood at 18.7m metric tons in the previous Iranian calendar year which ended on March 19th, compared to two years ago.