The project, in which Advanced will hold a 70% equity stake and Bayegan Group 30%, is comprised of construction of a state-of-the-art PDH-PP Plant, all other required utilities and port facilities. The financing of the Project will be 70% through third party financing and 30% by equity contribution of the parties. Once fully operational, the plant is expected to produce approximately 500,000 tons of polypropylene per year.
Construction of the project is expected to commence 2nd quarter of 2013 with completion targeted for fourth quarter of 2015. The Project will have positive financial impact on the Company and its shareholders.Any additional information will be announced later.