A German company has signed a contract for in-advance purchase of methanol from Iran, said a top official.

The plant has more than 96 per cent physical progress in construction and will start to produce its products in the current year, Hassan Beygi, managing director of Marjan petrochemical industry was quoted as saying in an Irna report.

He said that by this contract all financial resources needed to complete Marjan Petrochemical Industry has been provided.

He added that after signing the contract all expenses for investment in the project will be returned in 2 years.

Marjan Petrochemical will have annual production capacity of 1.65 million tons methanol in full operation, and will be fed by South Pars Refineries, the report said.