BAKU, Azerbaijan, May 21. Nine facilities with investment of $8 billion from the Iranian Oil Industry Pension Fund will be commissioned by the end of the current Iranian year (from March 21, 2025 through March 20, 2026), the Chairman of the Board of Directors of the Oil Industry Pension Fund Hossein Hosseinzadeh told reporters, Trend reports.
According to him, there are a number of important facilities among these facilities. One of them is the olefin plant at the Kangan Petrochemical Company. Physical work at this plant is 98.8 percent complete. The plant will produce one million tons of olefin per year.
Hosseinzadeh mentioned that a heavy polyethylene plant is being built at the Kangan Oil Refining Company. This plant will produce 300,000 tons of heavy polyethylene per year.
The official noted that, in general, the facilities to be commissioned with the fund's investment will contribute to the country's economy.
Iran’s Oil Industry Pension Fund was founded in 1947 to enhance the welfare of oil industry workers and retirees. The fund began investing in various projects, mainly in the oil, gas, and petrochemical fields, in the subsequent years. The fund is currently one of the major investors in the country’s oil, gas, and petrochemical sector.
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