Addressing ceremony to launch Persian Gulf Bidboland Gas Refinery on Thursday, Mr. Zangeneh said the country would generate $1.5 billion/year by the project.

This is the 11th petrochemical project which has come online in Iran since last March.

Plans were under way to launch 17 petrochemical projects with 11.4 billion dollars of investment in the country during the current Iranian calendar year which began on March 21 of which 11 have so far come on stream.

Once fully operational, the 17 projects will add 25 million tons to the country’s annual production capacity.

He said the first Bidboland gas refinery is the source of Iran's gas industry. “With the commissioning of this refinery and the daily refining capacity of about 25 million cubic meters and the operation of the first national pipeline in 1971, the gas industry in Iran was formed and born.”

The Minister of Petroleum stated that by March 2023, no gas will flared in Iran and more than 95% of the collected associated gases will be consumed.

Zangeneh announced that the 3200 NGL project would come online next calendar year and by exploiting it, all the gases of the West Karun region will be sent to Bandar Imam after collection and processing.

He added that NGL 3100 plant would come online the following year along with a petrochemical plant with 1 million tons of annual production capacity in Dehloran.

Noting that the Persian Gulf Bidboland refinery has the capacity to produce 3.5 million tons of ethane, butane, propane and pentane plus, he said, adding the Persian Gulf Petrochemical Industries Company (PGPIC) has been entrusted with another project to collect associated gases with $1.1b of investment.