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Iran’s ‘5th Olefins’ opened today
Date: Wednesday, July 28, 2010
The '5th Olefins' of Assalouyeh, being carried out by 'Morvarid Petrochemical Company', is inaugurated today (28th of July 2010) by Iran's president Mahmoud Ahmadinejad.
With the capacity to produce 500,000 tons/year of ethylene, '5th Olefins' project, a left over from Iran’s 3rd Development Plan (April 2000-April 2005), which started in 2004 at Kharg Island and relocated to Assalouyeh in July 2006, was supposed to be commissioned in 2007.
Until the time Iran’s 11th Olefins, underway by Kavian Petrochemical Co., is brought on stream, Morvarid petchem is supposed to supply the Ethylene feed of Iran’s West Ethylene Pipeline (WEP).
49% of the shares of Morvarid Petrochemical Co. have been transferred to Teachers' Investment Fund so as to pay off government's debts, 17% of the shares belong to Iran’s Petrochemical Industries Investment Co. (PIIC), 17% to the Oil Industry Pension Fund and the rest belong to Ghadir Investment Company.
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