[2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27] The "Fifth Olefin Complex" project, later renamed Morvarid Petrochemical Company, was one of the initiatives approved in Iran's Third Five-Year Development Plan.
However, delays in completing the island's Natural Gas Liquids (NGL) unit, intended as the feedstock source, led to its relocation to Phase II of the South Pars Special Economic Zone in Asaluyeh.
The company's first phase was inaugurated on July 28, 2010, in a ceremony attended by Mahmoud Ahmadinejad, the then President of Iran.
The ethylene unit is supplied with 650,000 tons of ethane annually from other South Pars Special Economic Energy Zone phases.
Today, Petrofarhang (Reserve Fund of the staff of Iranian Ministry of Education) and TAPPICO (a subsidiary of Iran's Social Security Organization) are the company's largest shareholders.