The head of Iran’s National Petrochemical Company (NPC) Behzad Mohammadi said that the country’s petrochemical production capacity would double by the end of the Iranian calendar year of 1404 (March 2026), according to a report by IRIB, a state-controlled broadcasting network.
During his visit to the Forouzan field’s flare gas recovery project in Kharg Island, Mohammadi said that there would be 27 new petrochemical projects that will be inaugurated in 2022, with another 26 are planned to go operational by 2026.
Last month, Mohammadi said that Iran intended to contribute to 6.2% of the world’s total petrochemical production in 2025. Iranian petchem industry claimed that it continued to flourish despite the US sanctions. Officials from the country’s oil ministry said that 56 active petrochemical complexes In Iran receive 650,000 barrels of crude oil per day or about 33 million tons of feedstock each year.
Mohammadi noted that Iran’s revenues from the sector reached $17 billion in the last Iranian calendar year, rising from $200,000 in 1979 during the Islamic Revolution. He added that the revenues are expected to surpass $37 billion by 2025.
Investment in Iran’s petchem industry has reached $53 billion so far, Mohammadi said. He said the total investment in the sector would increase by 75% to $93 billion by 2026.
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Published on December 4, 2019 12:49 AM (GMT+8)Last Updated on January 17, 2020 2:13 AM (GMT+8)
