The board of Iran’s Persian Gulf Petrochemical Industries (PGPIC) has approved an investment of 620 trillion rials to develop a new petrochemical complex in Nehbandan, South Khorasan province, Iranian lawmaker Mostafa Nakhaei said.
According to Nakhaei, the project follows around six years of technical studies and consultations with the Oil Ministry and National Petrochemical Company. The investment proposal was reportedly submitted to PGPIC about one to 1.5 years ago, while the Oil Ministry had previously approved the project in principle.
However, key details, including the production capacity, feedstock source, product slate, financing structure and construction schedule, have not yet been officially disclosed, and construction has not started.
Nakhaei added that PGPIC has also approved the development of a 150-MW solar power plant in Nehbandan, although details of its investment and construction timetable remain unavailable.