Iran to build its 1st private petrochemical refinery

TEHRAN (ISNA)-Iran is to start building its first private section petrochemical refinery financed by foreign investment in three months.

The giant project called Meime will take place in three phases and during six years. Construction of the first phase which is the refinery is prior to other phases due to the high demand for petrochemical products and will start in three months, according to a senior official in the project.

According to a draft agreement, 85 percent of the budget equal to 4 billion euros will be provided by China and European countries and the rest by the Iranian side. The technical design will be in accordance with European countries license.

The complex located near the central city of Isfahan will include one refinery unit, two Olefins and Aromatics petrochemical units and seven offshore chemical units and is planned to process 150,000 barrels of crude oil a day and 4.2 billion cubic meters of gas a year.

The refinery will produce a wide range of products including butane, petrol, gasoil, white oil and sulphur.

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