Speaking to reporters on Wednesday, Rasoul Ashrafzadeh said that the projects would add 2.5 million tons to the country’s annual petrochemical production capacity.

The official said that the group realized 75 to 90 percent of its production goals last calendar year, adding the company witnessed a 115% profitability last year of which 25% was made possible by costs management.

He said PETROL was a development and investment company, adding that its plans were being implemented in less developed areas.

Ashrafzadeh further said that the olefin unit of Ilam petrochemical plant would come on stream by late September and would become operational by November, adding that the project would become fully operational by March 2020.

Furthermore, Urmia petrochemical plant has gaimed 98 percent progress and would come on stream within the next three months, he added.

Outlining the progress of other projects, he said the Gachsaran petrochemical plant had gained 61% progress; a project that is expected to come online by March 2021.