A joint cooperation agreement for the development of investment and completion of the value chain in the petrochemical industry in Ilam province was signed between the Persian Gulf Petrochemical Industries Investment and Development Group (Petrol) and the Ilam Governorate. This significant event took place at the Petrol company with the presence of prominent officials from Ilam province.
Presence of Parliament Representatives and Executive Officials
The signing ceremony of this agreement was attended by Sara Fallahi, Fereydoun Hemmati, and Asadollah Cheraghi, representatives of the people of Ilam province in the Islamic Consultative Assembly, along with a number of managers from executive and economic agencies in Ilam province. Ahmad Karami, the governor of Ilam, expressed gratitude for Petrol's efforts in creating jobs and boosting the economy of the province, considering the development of downstream propylene industries and the establishment of a propylene park in Ilam as important investment opportunities in the province.
Read more: Oman is on the FTSE Russell watchlist for capital market upgrade
Development of the Petrochemical Industry Value Chain
The governor of Ilam emphasized the importance of developing the value chain in the petrochemical industry, stating that this could not only increase the profitability of industrial complexes but also contribute to job creation, economic growth, and more effective utilization of the province's capacities. He also emphasized that the province's managers will support the implementation of this agreement and that all available capacities in the province, from the oil and gas sector to other economic and executive facilities, will be utilized to achieve the results of this cooperation.
Furthermore, Fereydoun Hemmati, a representative of the people of Ilam province in the Islamic Consultative Assembly, assessed the development of investment in downstream petrochemical industries as an effective measure to strengthen the province's economy, highlighting the significance of this agreement. Sara Fallahi, another representative from Ilam province, stressed the necessity of considering environmental considerations in the development of the petrochemical industry and its downstream industries, deeming it essential for all regions of the province to benefit from the achievements of this development.
Cheraghi, another representative from Ilam province in the Islamic Consultative Assembly, supported the development of downstream petrochemical industries in the province and emphasized the importance of a sustainable development approach. Since the early years of recent times, the development of productive investment and the completion of the value chain in the petrochemical industry in Ilam province has been recognized as one of the country's economic priorities.
This agreement aims to increase the utilization of the capacities of petrochemical complexes located in Ilam province, develop downstream industries, and create sustainable jobs by leveraging the province's economic, human, and territorial capacities. These actions will align with the overarching economic goals of the country and create a suitable environment for the growth and development of Ilam province.
Read more: The number of passengers at Oman's airports reached 9.3 million · Muscat Stock Exchange enters the FTSE Russell watchlist
