"The GTX unit in Badr-e-Shargh Petrochemical Complex in Mokran has registered a work-in-progress rate of 25% and the necessary equipment is being carried to the site," Mohammad Reza Movasaqinia was also quoted as saying by NIPNA, the National Petrochemical Company's news agency.
According to the official, GTX units are completed in three stages, the first of which is converting natural gas to methanol which is used as feedstock in the second stage whose product is olefins. In the last stage, olefins and aromatics are used as feedstock in downstream industries.
"The goal of the Mokran project, which will be completed in three phases, is to secure development rights to highly advantaged locations with the right combination of attributes such as local government support, port facilities, sufficient land and natural gas supply for the immediate supply of gas to methanol projects," Financial Tribune quoted him as saying.
"Plans have been made to construct five methanol complexes with the capacity of 1.6 million tons per annum in Mokran."
The official noted that the completion of Mokran's first phase development project by March 2019 will add 8.5 million tons to the country's total output, currently standing at 60 million tons.
The initiative is projected to create 7,000 jobs in the region. As soon as the second phase becomes operational in 2010, the complex's exports will increase by $6 billion.
"In addition, 20,000 people will be employed upon the completion of all three phases," he said.
Tehran is making efforts to double annual petrochemical production capacity from around 60 million tons by opening up the sector to foreign investors. It has said over $70 billion in foreign investments are needed for 80 major petrochemical projects.
The country aims to diversify its economy that is largely dependent on oil export revenue and make better use of its hydrocarbon reserves by producing petrochemicals with higher value-added.
The petrochemical sector is Iran’s second-most valuable industry after oil and gas. Tehran earned $9.55 billion from petrochemical exports last year, official data show. Petrochemical consignments went mostly to Asia, Europe and South America.