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Morvarid Petrochemical Company

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27°34′42″N 52°31′33″E / 27.5783°N 52.5257°E / 27.5783; 52.5257

Morvarid Petrochemical Company (MPC)
شرکت پتروشیمی مروارید
Company typePrivately held company
TSE: ZF281
ISINIRO3ZF280001
IndustryPetrochemical
Founded2005
FounderNational Petrochemical Company
Headquarters
Asaluyeh
,
Iran
ProductsEthylene
Ethylene glycol:
  • Monoethylene glycol (MEG)
  • Diethylene glycol (DEG)
  • Triethylene glycol (TEG)
43,380 billion rials (2021)[1]
OwnerPetrofarhang
Tappico
Websitewww.morvaridpc.ir/en/home

The Morvarid Petrochemical Company (MPC) (Persian: شرکت پتروشیمی مروارید, Shirkat-e Petroshimi-ye Morvaarid) is an Iranian petrochemical enterprise located in the South Pars Special Economic Energy Zone in Asaluyeh, Bushehr Province.[2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27]

History

[edit]

The "Fifth Olefin Complex" project, later renamed Morvarid Petrochemical Company, was one of the initiatives approved in Iran’s Third Five-Year Development Plan. The project was entrusted to the National Petrochemical Company of Iran (NPC) to prevent the wasteful flaring of associated gas extracted from Iran's continental shelf oil fields. Originally named "Kharg Olefin Petrochemical," the project’s name was changed in 2005 to "Morvarid Petrochemical" to avoid confusion with Kharg Petrochemical Company. Initially, the complex was planned for Kharg Island. However, delays in completing the island's Natural Gas Liquids (NGL) unit, intended as the feedstock source, led to its relocation to Phase II of the South Pars Special Economic Zone in Asaluyeh. Construction of the Morvarid Petrochemical complex began in late 2005 on a 20-hectare plot. The NPC assigned the construction to a consortium comprising the French company Technip Energies and the Iranian company Nargan. The company's first phase was inaugurated on July 28, 2010, in a ceremony attended by Mahmoud Ahmadinejad, the then President of Iran.[28][29][30][31][32]

Operations

[edit]

Morvarid Petrochemical Company operates two production units for ethylene and ethylene glycol. The ethylene unit has an annual production capacity of 500,000 tons, of which 340,000 tons are used as feedstock for the company's ethylene glycol unit. The remaining 160,000 tons are sold to external customers. The ethylene unit is supplied with 650,000 tons of ethane annually from other South Pars Special Economic Energy Zone phases. The ethylene glycol unit produces 500,000 tons of monoethylene glycol (MEG), 50,000 tons of diethylene glycol (DEG), and 3,400 tons of triethylene glycol (TEG) annually. All three products are produced in liquid form. The ethylene glycol unit’s feedstock includes 340,000 tons of ethylene from the company’s ethylene unit and 368,000 tons of oxygen supplied by the Damavand Petrochemical Company. Morvarid Petrochemical contributes 35% of Iran's MEG and 6% of its ethylene production.[33][34][35][36][37][38]

Ownership

[edit]

Initially, the National Petrochemical Company, a state-owned entity, fully owned Morvarid Petrochemical Company. However, on August 7, 2010, the Iranian government transferred more than 40% of the company’s shares to Petrofarhang —a holding company owned by staff of Iran’s Ministry of Education— as repayment for government debts. Today, Petrofarhang (Reserve Fund of the staff of Iranian Ministry of Education) and TAPPICO (a subsidiary of Iran's Social Security Organization) are the company’s largest shareholders.[39][40][41]

Sanctions

[edit]

In late October 2020, the US Treasury Department sanctioned eight Iranian entities, including Morvarid and Arya Sasol Petrochemicals, for their involvement in purchasing and selling Iranian petrochemical products.[42][43][44][45]

References

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  1. ^ "افزایش درآمد‌های پتروشیمی مروارید". Nafir-e neft: Iranian Oil Industry News Network (in Persian). October 4, 2022. Retrieved December 26, 2024.
  2. ^ "Iran's Morvarid Petrochemical Company sells stocks". Trend News Agency. December 13, 2011. Retrieved December 26, 2024.
  3. ^ "Iran's ethane production to increase, deputy minister says". Trend News Agency. July 4, 2023. Retrieved December 26, 2024.
  4. ^ "Morvarid Petrochemical is at the top of the nominal ethylene production table among olefinic petrochemicals". energypress.ir. September 28, 2023. Retrieved December 26, 2024.
  5. ^ "Petchem projects inaugurated in Assalouyeh". Mehr News Agency. July 28, 2010. Retrieved December 26, 2024.
  6. ^ "Iran petchem production to hit 100m tons". Mehr News Agency. July 31, 2010. Retrieved December 26, 2024.
  7. ^ "Iran to complete 12 petrochemical projects by March 2016". Mehr News Agency. April 8, 2015. Retrieved December 26, 2024.
  8. ^ "Iran to tap 8 new petrochemical projects". Mehr News Agency. August 19, 2015. Retrieved December 26, 2024.
  9. ^ "NPC to inaugurate 5 new petchem projects". Mehr News Agency. January 9, 2017. Retrieved December 26, 2024.
  10. ^ "7 new petchem projects to come on stream". Mehr News Agency. March 12, 2017. Retrieved December 26, 2024.
  11. ^ "Iran to invest $16b in Assaluyeh petrochemical Phase 2". Tehran Times. December 27, 2007. Retrieved December 26, 2024.
  12. ^ "Iran plans to launch 12 petrochemical projects by March 2009". Tehran Times. June 9, 2008. Retrieved December 26, 2024.
  13. ^ "Petchem projects to come on stream in Assalouyeh". Tehran Times. July 28, 2010. Retrieved December 26, 2024.
  14. ^ "PGPIC generates $4b of revenue in H1". Tehran Times. October 21, 2022. Retrieved December 26, 2024.
  15. ^ "Morvarid Petrochem Unit Operational by Yearend". Financial Tribune. October 31, 2015. Retrieved December 26, 2024.
  16. ^ "Plan to Launch 10 Petrochem Plants by March". Financial Tribune. June 12, 2016. Retrieved December 26, 2024.
  17. ^ "Iran to Launch 5 Petrochem Plants by March". Financial Tribune. January 10, 2017. Retrieved December 26, 2024.
  18. ^ "Iran's Petrochemical Output Set to Reach 72m Tons". Financial Tribune. April 5, 2017. Retrieved December 26, 2024.
  19. ^ "Iranian Petrochem Plant to Increase Ethylene Output". Financial Tribune. January 3, 2018. Retrieved December 26, 2024.
  20. ^ "Morvarid Companys Ethylene Plant Progresses 27.25%". Shana: Petro Energy Information Network. March 19, 2006. Retrieved December 26, 2024.
  21. ^ "Arya Sasol Complex to Export 7,000 Tons of Ethylene Next Week". Shana: Petro Energy Information Network. December 30, 2007. Retrieved December 26, 2024.
  22. ^ "Morvarid Petrochemical Plant Coming Online This Year". Shana: Petro Energy Information Network. June 28, 2014. Retrieved December 26, 2024.
  23. ^ "Morvarid Petchem Co. MEG Unit to Be Officially Open". Shana: Petro Energy Information Network. October 22, 2016. Retrieved December 26, 2024.
  24. ^ "Petchem Plant Eyes Maximum Output Next Year". Shana: Petro Energy Information Network. January 3, 2018. Retrieved December 26, 2024.
  25. ^ "15 Petchem Projects Online in 5 Years". Shana: Petro Energy Information Network. October 21, 2018. Retrieved December 26, 2024.
  26. ^ "Iran Firm Localizes Savvy to Build Strategic Catalyst". Shana: Petro Energy Information Network. January 21, 2019. Retrieved December 26, 2024.
  27. ^ "Plant Revers Iranian Manufacturers for Supplying Key Items". Shana: Petro Energy Information Network. November 25, 2019. Retrieved December 26, 2024.
  28. ^ "نام مجتمع الفین خارگ به مجتمع پتروشیمی «مروارید» تغییر یافت". Shana: Petro Energy Information Network (in Persian). October 4, 2005. Retrieved December 26, 2024.
  29. ^ "طرح اتیلن خارگ به پیشرفت 37 درصدی رسید". Shana: Petro Energy Information Network (in Persian). July 18, 2006. Retrieved December 26, 2024.
  30. ^ "الفین پنجم به پیشرفت 87 درصدی رسید". Pars Special Economic Zone (in Persian). July 9, 2007. Retrieved December 26, 2024.
  31. ^ "بهره برداری رسمی از پتروشیمی مروارید در عسلویه آغاز شد". Mehr News Agency (in Persian). July 28, 2010. Retrieved December 26, 2024.
  32. ^ "همه چیز درباره عرضه اولیه پتروشیمی مروارید + تاریخ و مبلغ موردنیاز". safheeghtesad.ir (in Persian). September 19, 2021. Retrieved December 26, 2024.
  33. ^ "Morvarid Petrochemical Company". tappico.com. Retrieved December 26, 2024.
  34. ^ "مجتمع الفین پنجم شهریور ماه آینده راه اندازی می شود". Shana: Petro Energy Information Network (in Persian). November 4, 2007. Retrieved December 26, 2024.
  35. ^ "واحد MEG پتروشیمی مروارید به بهره‌برداری رسید". Shana: Petro Energy Information Network (in Persian). April 16, 2017. Retrieved December 26, 2024.
  36. ^ "تولید پتروشیمی مروارید سال آینده به 100 درصد ظرفیت اسمی می‌رسد". Shana: Petro Energy Information Network (in Persian). January 3, 2018. Retrieved December 26, 2024.
  37. ^ "History". Morvarid Petrochemical Company. Retrieved December 26, 2024.
  38. ^ "شرکت پتروشیمی مروارید". tappico.com (in Persian). Retrieved December 26, 2024.
  39. ^ "Petrofarhang Holding with its steady step is on the path to becoming the largest methanol producer in the Middle East". petrofarhang.com. November 29, 2023. Retrieved December 26, 2024.
  40. ^ "همه چیز درباره عرضه اولیه پتروشیمی مروارید + تاریخ و مبلغ موردنیاز". safheeghtesad.ir (in Persian). September 19, 2021. Retrieved December 26, 2024.
  41. ^ "مدیرعامل پتروشیمی مروارید: واحد MEG پتروشیمی مروارید امسال به بهره‌برداری می‌رسد". bourse24.ir (in Persian). June 27, 2014. Retrieved December 26, 2024.
  42. ^ "Treasury Sanctions Companies Selling, Purchasing, and Enabling Iranian Petrochemical Products". U.S. Department of the Treasury. October 29, 2020. Retrieved December 27, 2024.
  43. ^ "Iran-related Designations and Designations Updates; Counter Terrorism Designations Updates; Issuance of Iran-related General License M and Frequently Asked Question". U.S. Department of the Treasury. October 29, 2020. Retrieved December 27, 2024.
  44. ^ "Sanctions List Search". OFAC. Retrieved December 27, 2024.
  45. ^ "US Sanctions Companies, Individuals Trading Iranian Petrochemicals". Iran International. October 29, 2020. Retrieved December 27, 2024.
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