Iran will start construction of its first private sector petrochemical refinery financed by foreign investment in three months. The project called Meime will be built near Isfahan in three phases over six years. Construction of the first phase, which is the refinery, is the first of the phases due to the high demand for petrochemical products and will begin in three months. According to a draft agreement, 85% of the budget, EUR 4 billion, will be provided by China and European countries and the rest will be provided by the Iranian side. The technical design will be in accordance with European countries license. The complex will include one refinery unit, two olefins and aromatic petrochemical units, and seven offshore chemical units. It is planned to process 150,000 barrels of crude oil a day and 4.2 billion cubic meters of gas a year.
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