Gholam-Hossein Nejabat told PIN that Iran held 40 percent of the Philippine complex’s shares.

“It’s a good news for Iran’s petrochemical industry,” said the NPC head, adding export of technical and engineering services by the Iranian experts during the construction and development of the complex was among the main achievements of the country.

Mostajab ul-Daveh, the managing director of Maroun Petrochemical Complex, who is also in charge of construction of the Philippines’ complex, said the first phase of polyethylene unit came on stream on Aug. 5.

“According to the estimate, the building of polyethylene unit will cost 125 million dollars,” he told PIN, adding 40 percent of the plant’s shares was owned by the NPC, 40 percent belonged to the Philippines, and 20 was possessed by Petrochemical Investment Company.

He said the first phase would produce 100 thousand tons of polyethylene per year, adding the second phase of the polyethylene unit was predicted to start work within the next three months.

The official said the executive operations of the complex faced a host of legal and technical problems in the beginning, however adding all issues were settled after the experts of Tabriz, Shiraz, and Arak petrochemical complexes were dispatched to the Philippines and the first phase was put into operation without any problem.

Nejabat had already announced that Iran would set up petrochemical complexes in Venezuela, Oman, Indonesia, and the Philippines.

He told PIN that a methanol complex with a one million ton capacity would be established in collaboration with Venezuela in Assalouyeh in southern Iran and another complex with similar specifications would be constructed through cooperation of Iran in Venezuela.

The groundbreaking ceremony of Iran-Venezuela joint venture was held in the presence of Iranian and Venezuelan presidents in Assalouyeh last month.

The project needs a two billion dollar initial capital and will become operational by the end of 2010.

“Aiming to boost economic cooperation, Iran has started holding talks with Indonesia on the setup of a petrochemical plant with the cooperation of that country,” said the official, adding the similar complex would be constructed in Indonesia or Singapore.

Nejabat, also the managing director of National Petrochemical Company (NPC), said Iran would also set up a joint venture with Oman, adding a urea and ammoniac complex would be built in Iran and a PVC producing complex would be constructed in Oman.

“The complex is to produce one million tons of urea and 670 thousand tons of ammoniac,” said the deputy minister, adding some 500 million euros would be required for the project.

According to the NPC head, Iran-Philippines heavy polyethylene project was undergoing the test production stage and would come on stream in the near future.