Iran's petrochemical industry leads non-oil exports with 45 percent share

(MENAFN) Iran's non-oil exports are mainly dominated by petrochemical products, according to Mohammad Rezvani-Far, the head of the Islamic Republic of Iran customs Administration (IRICA). He added that the petrochemical sector makes up 45 percent of the country's non-oil exports. Morteza Shahmirzaei, the managing director of Iran’s National Petrochemical Company (NPC), also emphasized that the petrochemical industry has the highest added value in the oil industry chain. The country's petrochemical production capacity is currently at 90 million tons annually.

Shahmirzaei explained that some products were not considered in previous periods, and the country had to import them at a cost of five billion dollars. He further noted that the products of the propylene chain are of particular importance, accounting for 70 percent of the total petrochemical imports. As a result, the petrochemical company has focused on developing value chain projects to reduce this dependency.

The NPC's managing director emphasized that the petrochemical industry is a value and job-creating industry with no risk. He pointed out that the industry has 69 production units, including three service units that provide essential services such as water, electricity, and steam for production units. These production units play a significant role in bringing foreign currency to the country. With the high value and demand for petrochemical products, Iran is likely to continue to focus on developing its petrochemical sector as a crucial component of its non-oil exports.

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