MBN-Company

Petrochemical output for the one year period to August 21 is also expected to stand at 51.9 million tons, compared to 51.3 million tons in the year to August 21, 2016.

The document also listed 58 new petrochemical projects which are under development with nominal capacity of 58.4 million tons/year.

Iran plans to inaugurate seven petrochemical plants by March 2018 and a further 23 the following year. The country needs $20 billion in additional investments to double its production capacity by 2022 and $35 billion more to increase the figure to 150 million tons/year by 2025.

Iran's nominal petrochemical production capacity stands at 73 million tons per year.

Islamic Republic's petrochemical sector is one of the rapidly growing industrial sectors, which experienced a seven percent growth in nominal capacity during the last fiscal year.

Iran's actual production level during the previous year (2014-2015) was 46.41 million tons.

www.mbncompany.com

Berchtold made the remarks Tuesday in a meeting with East Azarbaijan Province Governor General Esmail Jabbarzadeh.

He expressed Germany's readiness to utilize all the potentials in the Iranian northwestern province to bolster bilateral ties in different fields, including the pharmaceutical and car manufacturing sectors.

He said that construction of two solar power plants is under way in Iran with German investors' participation.

The German ambassador to Iran also hailed the launch of a direct flight between Tabriz and Hamburg.

Meanwhile, Jabbarzadeh expressed hope for facilitation of commute between Iranian and German citizens and the process of issuing business visas.

Developing ties in the fields of new and renewable energies, environmental issues as well as revival of Orumieh Lake were among other topics discussed during the meeting.

www.mbncompany.com

Project Manager of the Demercaptanization (DMC) Unit in Gas and Oil Pars Company Sirous Peykar said, "The project to construct the sweetening unit was assigned to the Khatam-ul Anbiya Construction Company with the aim of taking the sour Sulfur compounds from gas condensate in phases 2 and 3 of South Pars Gas Field."

Noting that the unit's goal will be sweetening the gas condensate in South Pars refineries, he said, "The project to decrease the corrosion from harmful compounds in refineries, as well as improving the quality of gas condensate and raising the added value of the product is being implemented for the first time in the field."

South Pars field that Iran shares with Qatar, has 19 billion barrels of gas condensate in its Iranian part, 9 billion barrels of which is recoverable.

810,000 barrels of gas condensate are currently produced in 18 phases of the field, some 80,000 barrels are recovered from phases 2 and 3.

www.mbncompany.com