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Turkish company investment in Izeh Petrochemicals

Turkish company investment in Izeh Petrochemicals
ID : N-1464 Date : 2018/03/13 - 11:48

(Persia Digest) – An MoU has been signed between Khuzestan Province Governorate, southwestern Iran, and the Turkish Gama Enerji company.

At the signing ceremony, Turkish Gama Enerji representative acting on behalf of the CEO relayed his company’s interest in investing in Khuzestan, and said: “Our company began its activities in Iran 18 months ago and we have been   interested in making a large investment here.”

He went on to call Izeh Petrochemicals an important project.

The Khuzestan Governor also said the Turkish investment and profits were guaranteed, and added: “The license to set up the company in Izeh has been issued and we hope this will be ratified by the economic council soon.”

Gholamreza Shariati added: “The petrochemicals industry and polypropylene production line will be the first major industry in Izeh.”

The total investment made in Izeh is USD 1200MM. The German-Turkish company’s share here will be USD 1050MM.

The initial raw material is only natural gas, 98 percent of which will be turned into product, leaving very little waste.

Other benefits of the project include 100 midstream and downstream profit-making units which can employ over 25 thousand people.

It is estimated that the project will employ 3000 people directly and 7000 people indirectly.

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