$85 Million Revenue from Hengam Petchem Exports

$85 Million Revenue from Hengam Petchem Exports
(Tuesday, October 29, 2024) 09:29

ASALUYEH (NIPNA) – Hengam Petrochemical Company has announced $85 million in revenue from ammonia exports, with the successful dispatch of 28 shipments since the facility’s recent production ramp-up, marking a significant milestone in the country’s petrochemical sector.

The announcement was made following a high-profile visit to Hengam’s ammonia and urea units in Asaluyeh by members of Iran's Energy Committee, including key industry leaders such as Hamid Bourd, CEO of the National Iranian Oil Company, and Hassan Abbaszadeh, Acting CEO of the National Petrochemical Company. Abdolali Ali-Asgari, CEO of the Persian Gulf Petrochemical Industries Company, was also in attendance.

During the visit, Hengam’s CEO, Gholamreza Jamshidi, provided an update on the facility's progress. "After 17 years, we have finally reached full-scale ammonia production," Jamshidi stated, emphasizing that new export markets have been identified, allowing the company to expand its shipments globally. “So far, our ammonia exports have generated $85 million, contributing substantial foreign currency revenue to the national economy,” he added.

On the development of the urea unit, Jamshidi announced plans to commence operations by the end of the current fiscal year. "With urea's strategic role as a high-demand agricultural fertilizer, we anticipate strong profit margins, especially as global food security remains a priority," he said. Jamshidi also noted that Phase 2 of the Hengam project is expected to benefit from increased global urea prices, positioning the company favorably in the international market.

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