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According a Fars News Agency (FNA) report, investors from India, China and Japan have evinced interest to fund development of petrochemical projects in Iran’s Chabahar Petrochemical Hub. Iran is planning to develop Chabahar as the third major hub for the country’s petrochemical industries - the first two are in Bandar Imam and Assaluyeh.
Quoting Hassan Malek Esmaeili, manager of Makran Petrochemical Complex in Chabahar, FAN report said, “Chabahar Petrochemical Complex is poised to become the region's petrochemical hub now that hopes are high for removal of western sanctions on Iran following the July 14 deal Tehran struck with world powers in Vienna, the oil ministry website reported. During the visit from Iran, investors from Japan, India and China visited the Chabahar and assessed investment opportunities in its petrochemical complex.”
Iranian government is planning to build about 16 basic petrochemical complexes in three different phases consisting of plants which will produce urea, ammonia, methanol, polypropylene, olefin and dimethoxyethane. In addition, the complex is likely to have an aromatic complex and a crystal melamine plant.
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Chabahar Petrochemical Complex, which is being developed for the annual production of 23 million tonnes of petrochemicals, is estimated to require $ 11 billion for its completion in three phases. In the first phase, the complex will add 8.1 million tonnes per annum of petrochemicals to Iran’s output.
Interestingly, India and Iran has signed a memorandum of understanding to develop Chabahar Port in May 2015. Located on the confluence of the Indian Ocean and the Sea of Oman in southeastern Iran, the port provides India access to Afghanistan, Central Asia and beyond. As per the agreement, India will invest $ 85.21 million to construct a container terminal and a multi-purpose cargo terminal at the port. Indian and other countries could use Chabahar Port to import petrochemicals and other goods from Iran.
