Managing director of Morvarid petrochemical plant Safar Ali Babaei told Shana that construction of mono ethylene glycol (MEG) unit of the plant with the production capacity of 500 thousand tons and 70 percent physical progress was expected to come online this year in case of providing feedstock and timely funding.
He further said that a consortium comprising an Iranian and a Japanese company has been in charge of designing and procurement of the project which was under Shell license. According to him Shell halted its cooperation in the project more than two years ago due to sanctions.
Mono ethylene glycol is used mainly in spinning industry and antifreeze products. Pars Oil and Gas Company and foreign markets are the main destinations of the product which is being produced by Shazand, Maroun and Farsashimi petrochemical plants as well.
Social Security Investment Co, Teachers Investment Fund and Naft Pension Fund are the main shareholders of the plant.
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