Jalil Salari added nine billion euros will be invested in the 300,000-barrel-a-day plant.

The feasibility study of the project was carried out to assess seven plans, explained the NIORDC head, adding heavy and super-heavy crude oil will be the feedstock of the plant.

According to him, 30 percent of Shahid Soleimani Refinery-Integrated Petrochemical Plant, products will be different types of xylene, polymer, and butadiene, as 70 percent are refinery products and no furnace oil will be produced.

A consortium comprising petrochemical and refining holdings, banks, and funds was formed and signed a partnership deed to invest in the project based in Bandar Abbas, southern Iran, stated Salari, continuing the main reason behind selecting the port is the existence of two main refineries of the country there.

He said the project is expected to become operational within five years.

Shifting to 180,000-barrel-a-day refinery in Khuzestan Province, southwestern Iran, the NIORDC chief said the project’s permit had been revoked by the previous government and the incumbent administration decided to revive it.

Salari added the foreign private sector will participate and invest in the project.

West Karoun oil fields will provide the refinery with feedstock, he concluded.