The deals was signed on the sidelines of inauguration of some petrochemical projects in Asaluyeh, southern Iran, on Tuesday.
The contracts concern 32 projects for renovation and improvement of facilities to gather associated gases in the areas operated by NISOC and are aimed at preventing the burning of 22 million cubic meters of gas per day in East Karoon area.
The deals were signed in a ceremony attended by the Iranian President Hassan Rouhani and Minister of Petroleum Bijan Zanganeh.
Once the projects become operational, 510 mcf/d of gas will be fed to Bidboland II Petrochemical Plant and 250 mcf/d to Maroon Petrochemical Plant. Furthermore, NISOC's gas liquids production will increase by 38,000 barrels per day which will be consumed by Bandar Emam Petrochemical Plant as feedstock.
Thanks to the projects, a total of 1.6 million tons of ethane and heavier gas compounds and 14 million barrels of gas condensates, valued at $1,300 million/year, will be made available to petrochemical plants to consume as feedstock. Items worth over 2,600 million dollars per year are expected to be produced by the feedstock. Moreover, a total of 16 mcm/d of natural gas will be supplied to the National Iranian Oil Company (NIOC).
Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.