14 November 2011 07:41 [Source: ICIS news]
(recasts second last paragraph for clarity)
The nameplate capacity of the EG plant is 550,000 tonnes/year and the total investment for the project is around $400m-450m (€288m-324m), said the official.
“Financing [for the project] is about to be finalised. We plan to put the line into production in 2015,” he said.
He added that construction work will start within 12 months from now and the project will take around three years to complete.
Feedstock ethylene will be sourced from National Petrochemical Co (NPC) of Iran’s Assaluyeh plants, he said.
Pars Phenol is the only producer in the Middle East that has secured feedstock for its new EG project. Other Middle East majors, such as SABIC, will use feedstock from within the region as well but have suspended their MEG expansion plans because they cannot find more feedstock supply sources.
Other than the EG project, Pars Phenol is still studying its project to produce 200,000 tonnes/year of phenol and 120,000 tonnes/year acetone, which is scheduled to start as soon as the propylene source is finalised, the official said.
($1 = €0.72)
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