Iran has ceded Damavand Petrochemical Utility Plant to the private sector after a series of failed bids, a privatization official said.
The Managing Director of Iran Privatization Organization Jafar Sobhani said on Tuesday that the organization has finally sold the facility to the private sector at nearly IRR 8.270 billion.
He said the organization held a bid to cede Damavand Petrochemical Project as well as a number of other projects on Monday.
The facility was 80% state-owned.
Damavand petrochemical project will bring Iran’s petrochemical output to 90mt/y once completed.
Iran’s National Petrochemical Company (NPC) has financed the project which has been mostly developed by domestic contractors.
Damavand petrochemical project is being completed to supply utilities for Assaluyeh II petrochemical complex. The project will offer power, steam, water, industrial wastewater facilities as well as insulators to 24 nearby petrochemical plants in Pars Special Economic Energy Zone.
A consortium of three state-run and private Iranian banks are expected fund development of Damavand Plant.