The contract was signed between Petrochemical Research and Technology Company and Sabalan Petrochemical Company in a ceremony attended by the firms’ managing directors, Ali Pajouhan and Mohammad Zali respectively, CEO of National Petrochemical Company Behzad Mohammadi and Saeed Mohammadzadeh, the deputy petroleum minister for engineering, research and technology.

Processing natural gas into petrochemicals has become highly important, given that Iran sits on huge natural gas reserves and in view of the difficulty involved in exporting natural gas on one hand, and the need to create added value on the other.

As a high value-added product, Methanol is used as a raw material in many downstream and upstream industries.

Iran’s methanol production capacity stands at over five million tons per year. The figure is expected to reach 15.6 million tons by 2021.

The 24th Iran International Oil, Gas, Refining and Petrochemical Exhibition (Tehran Oil Show 2019) began on Wednesday (May 1) and ends today (Saturday, May 4).