Head of the Iranian Offshore Oil Company (IOOC) Saeed Hafezi said the National Development Fund (NDF) is due to allocate $600mln for the construction of a large Natural Gas Liquid (NGL) project on Kharg Island.
Hafezi said the NDF is to be tapped for $600mln to serve the project which is forecasted to cost $1.2bln.
He said that the NGL plant, whose construction has had 45 percent growth thus far, is to receive more facilities in the coming 18 months.
Natural gas liquids (NGLs) are hydrocarbons—in the same family of molecules as natural gas and crude oil, composed exclusively of carbon and hydrogen.
Ethane, propane, butane, isobutane, and pentane are all NGLs. There are many uses for NGLs, spanning nearly all sectors of the economy.
NGLs are used as inputs for petrochemical plants, burned for space heat and cooking, and blended into vehicle fuel. Higher crude oil prices have contributed to increased NGL prices and, in turn, provided incentives to drill in liquids-rich resources with significant NGL content.