According to the National Petrochemical Company (NPC), the first three units of Bushehr Petrochemical Plant will be officially inaugurated tomorrow (Monday, August 24) by President Hassan Rouhani.

The plant is being developed in 70 hectares of land with the aim of producing 6 million tons per year of methanol, ethylene, ethylene glycols, heavy polyethylene, acetic acid and vinyl acetate.

Construction operations on the project began in 2011.

The first phase of the project will generate €370 million annually for the country. It also generates jobs for 1,500 people.

It will operate as the only plant to be fed by sour gas from upstream operations with an annual production capacity of 1,323 tons of methane, 850,000 tons of ethane, 130,000 tons of propane, 30,000 tons of butane, 3,000 tons of pentane plus (C5 +), 125,000 tons of sulfur and 1,650 tons of methanol.

The project has cost a total of €1.322 billion. Shastan Holding and Maroon Petrochemical Company are the main shareholders of this project and the required budget for construction of the project has been provided through foreign financing and by the shareholders.