Persian Gulf's huge oil and gas reserves, amajor part of which lying in the South Pars / North dome Gas- Condensate field, has grabbed the attention of the authorities and ultimately the minister of petroleum and has caused them to focus on restoring these resources and investing on this Gas field. thus the construction of 17 petrochemical complexes was planned by the ministry of petroleum.
Therefore in line with strategic plans framed by National Petrochemical Company to privatization petrochemical complexes.
One of the first developmentalprojects of National Petrochemical Company in South Pars Gas field located in Asaluyeh, designed to create value added to gas reserves, was the 9th Olefin plan the implementation of which was ceded to ARYASASOL Polymer Company.
the implementation of this plan framed by National Petrochemical Company was started since early 2000 under the management of Pars Petrochemical Company and it was funded through sourcing financial capital from foreign investors. In accordance to the third development plan and after SASOL Company showed its intrest for investing on the 9th Olefin project a memorandum of understanding was signed by National Petrochemical Company and SASOL based on which (Olefin, LDPE, MDHD/PE) units were separated from Pars Petrochemical Company and were ceded to newly founded SASOL company hoping that this company will become the best producer of polymer in Middle East.
it should be noted that trying to cooperate with international parties on petrochemical projects, National Petrochemical Company started negotiations with British Petroleum which were failed in early 2002 due to the protraction of these negotiations.
In middle of 2013 due to more limitation SASOL Company decided to leave this partnership and sell the stocks. The Pars Tamin Majd as new shareholder classified of intrested according to foreign partner agreement.