OREANDA-NEWS. August 04, 2011. China will invest in a major petrochemical project in Iran. Construction of a petrochemical complex, which would be the world's largest urea fertilizer and ammonium production unit, was officially started on Saturday in cooperation with Chinese investors.

Iranian private sector and the Chinese entities are to invest 4 billion dollars in the Masjed-Soleyman Petrochemical Complex, southern Iran. The production unit is planned to be constructed in 40 months and is projected to produce 4 million tons of urea fertilizer and ammonium per year, the report said. The Chinese part would finance 85% of the required investment.

The National Petrochemical Company (NPC) of Iran has announced recently that the country's petrochemical production will experience a considerable growth by March 2012. NPC Director Abdolhossein Bayat said that Iran's annual production of various petrochemical products will hit 60 million tons from the current figure of 42 million tons by the end of the current Iranian calendar year, which ends on March 19, 2012.