BAKU, Azerbaijan, March 18. The capital of Iran's Persian Gulf Petrochemical Industries Corporation (PGPIC) has been increased by 250 trillion rials (about $430 million), said Mohammad Shariatmadari, CEO of Persian Gulf Petrochemical Industries Group, Trend reports.
Speaking today during an extraordinary meeting of the company in Tehran, Shariatmadari explained that, as a result, the holding's capital has risen to 1 quadrillion rials (about $1.72 billion).
Shariatmadari further stated that the PGPIC has been increasing its production every year. Currently, efforts are underway to increase the holding's production capacity to over 30 million tons annually. The holding is working to use this volume of petrochemical products as raw materials to produce more valuable products domestically and to boost exports of these higher-value products.
To note, Iran's Persian Gulf Petrochemical Holding is considered to be one of the country's main petrochemical companies. The holding plans to increase annual production to 57.4 million tons by March 19, 2028, and product sales to $30.1 billion.
Currently, the company’s annual production is reported to be around 26 million tons.
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