In the year 2000, The Islamic Republic of Iran's Government decided to build a 2200 kilometre pipe line (Western Ethylene Pipeline) to carry ethylene gas from Assalluye to Mahabad to provide necessary feed stock for production of Petrochemical Products.
The main goal of this venture was to promote economic growth, job creation and technical enhancement in the less developed areas and provinces adjacent to the route of the said pipeline.
Ministry of Oil was assigned to this task to encourage and attract private sectors and/ or foreign investors to establish active joint ventures to investment in the said Projects.
To implement this project Bakhtar Petrochemical Company was established in February 2003 with the initial capital investment of 2000 billion Rials as a holding company, funded by following stockholders to provide the required capital investment for its Subsidiary Companies as described herein.