TEHRAN (APETDC) -- On the second day of the Eurasia Exhibition, PetroFarhang, a leading Iranian petrochemical conglomerate, announced the signing of two memorandum of understandings (MoUs) with Arman Pasargad Energy Technologies Development Company (APETDC).
Ali Moazedi, Deputy for Planning and Economic Development at PetroFarhang Holding, unveiled these agreements with a reputable Iranian-Chinese corporation on behalf of PetroFarhang Holding's subsidiaries. The MoUs were formalized on December 5.
According to PetroFarhang's Public Relations, prioritizing systematic planning and financial provisioning through diverse methods, PetroFarhang aims to expand its developmental projects in the petrochemical sphere to overcome project challenges. These initiatives, when in progress, are anticipated to significantly augment generated revenues. Among these projects lies the Arya Petrochemicals initiative, focusing on completing the value chain and preventing raw material sales. The Polyethylene project, with an annual production capacity of 40,000 tons within the methanol chain, is at the forefront of these endeavors.
Regarding the Methanol-to-Polyethylene conversion project, Moazedi stated, "This project, spanning 50 hectares in the Neghin Makran Industrial Park in the Chabahar Free Trade Zone, has completed its substructure. The total investment for the project is estimated at $180 million, with a projected implementation span of three years and an anticipated project return rate of 18.5%."
He emphasized, "The future plans of Arya Petrochemicals and the forthcoming investments aligning with the existing perspective are promising. The company intends, considering the substantial investment volume, to concurrently execute the second phase of the Arya Petrochemicals project. This includes establishing an ethylene production unit with a capacity of 262,000 tons per year, alongside the launch of a propylene production unit, capable of yielding 460,000 tons annually from the methanol feedstock available in the region."
Discussing the technical knowledge MoU with Mahtab Parsian Petrochemical Company, Moazedi added, "Mahtab Parsian Petrochemical Company, a subsidiary of PetroFarhang Holding, is tasked with developing the methanol value chain within the group and has prioritized constructing a petrochemical complex downstream of methanol. This complex, allotted an area of approximately 131 hectares in the Parsian Energy-Intensive Industries Special Economic Zone in Hormozgan province [southern Iran] will primarily utilize methanol supplied by other PetroFarhang production units situated in Phase 2 of Asalouyeh."
Moazedi clarified, "As per the outlined plans in the National Petrochemical Company, the required methanol for the projects in this region will be transported through a pipeline from Phase 2 of Asalouyeh to this area, serving this complex. The project, currently in the preliminary study phase to finalize the conceptual design, aims to establish the methanol-to-propylene and ethylene conversion chains and their downstream industries."
The second specialized Eurasia Exhibition spanned four days, hosting Iranian companies and member countries of the Eurasian Economic Union, Free Trade, and Special Economic Zones. The event was held at the Tehran International Exhibition from December 4 to 7, 2023.