The project is aimed at producing ethylene oxide as middle product as the first phase of GTO plan

An investment company is to be set up for  transforming natural gas into olefin and downstream industries of petchems in presence of the CEO of Industrial Development and Renovation Organization of Iran (IDRO) Mr. Mansour Moazami and Industry, Mine and Trade Minister Mohammad Shariatmadari and some investors from the private sector.

During the ceremony, the articles of associations of establishing a joint investment company was signed which is aimed at converting natural gas to olefin and downstream industries of petchems.

The project is aimed at producing ethylene oxide as middle product as the first phase of GTO plan.

Addressing the ceremony, Mr. Moazami said that the IDRO owns 19 percent of the stake of the project and the total volume of investment is $1.3b as $150m has been allocated for the first phase the project.

The project will be carried out in the special zone of Mahshahr with the annual production capacity of 60,000 tons of ethylene oxide and 60,000 tons of auto oxide.

The project will be completed in a three-year period.

IDRO, Zarifan Co., Namvaran Engineering Co. and Toseh Kimiyagaran Emrouz Group are the joint investors of the project.

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