File photo shows installations at an Iranian petrochemical plant.
An Iranian deputy oil minister says the country plans to build a new petrochemical hub in the southeastern port city of Chabahar through USD 20 billion of investment.
“Only those companies will be given permit for establishing petrochemical plants which are able to complete their value chain,” Mohsen Khojasteh-Mehr stated on Tuesday.
He said the plan will be implemented in three phases with a total investment of USD 20 billion.
Iran is one of the world’s major petrochemical producers, Khojasteh-Mehr pointed out, putting the country's petrochemical production at 246 million tons per day.
According to the official, out of 57 million tons of the country’s rated petrochemical production capacity, 12 million tons remains vacant, though only three million tons of it can be blamed on feedstock shortage.
Khojasteh-Mehr stated that the petrochemical industry has remarkably reduced Iran's dependence on crude oil revenues.
Chabahar Port, in Sistan and Baluchestan Province, lies 72 kilometers West of Pakistan's Gwadar Port, and is connected to the city of Zaranj in Afghanistan's southwestern province of Nimruz.