Petchem projects worth $8.5b underway

October 22, 2018 - 22:18

TEHRAN- Petrochemical projects worth $8.5 billion are under implementation throughout the country, Persian Gulf Petrochemicals Industries Company (PGPIC)’s managing director announced.

Addressing a press conference on Sunday, Jafar Rabiee said that $4 billion of investment has been made for three projects which are due to be inaugurated by the next year, IRNA reported.

Expounding upon the current status of petrochemical industry in Iran, Rabiee said this industry has become a major source of employment and foreign currency earnings for the country.

He said PGPIC has injected $2.4 billion into the domestic market during April 11-October 17.

The holding company should inject $4.2 billion to the market by the end of current Iranian calendar year (March 20, 2019), he added.

According to the announcement of the Public Relations Office of Iranian Oil Ministry all the foreign currency earned from exports of petrochemical companies’ products has been regularly pumped into the secondary market (the Forex Management Integrated System, locally known as NIMA), in a bid to address the country's currency needs.

Central Bank of Iran Governor Abdolnaser Hemmati said on Saturday that within the next few weeks, the procedure of injecting non-oil exports revenues into the foreign exchange secondary market will be lubricated to supply the required forex sources for imports.

According to Hemmati, €7.3 billion of deals have been done at the secondary market during the past two months and due to the taken measures including having petrochemical companies supply the required foreign currency of the secondary forex market, injection of foreign currency into the system will be facilitated in near future.

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