Petrochemical output capacity in Iran to hit 131m tons in 2 years
Date
10/6/2024 9:19:08 AM
(MENAFN) The caretaker of Iran's National Petrochemical Company (NPC), Hassan Abbaszadeh, has announced that the country’s petrochemical production capacity is set to reach 131 million tons by the end of Iran's Seventh National Development Plan, which concludes in early 2027. Currently, Iran's petrochemical production capacity stands at around 100 million tons, with 80 percent of that capacity actively operational, according to a report by an Iranian news agency.
In a statement made earlier this year, Abbaszadeh, who previously served as NPC’s director of planning and development, outlined plans for 68 new petrochemical projects with a total investment of USD35 billion, which will add an additional 50 million tons of capacity over the next few years. These projects are aligned with the objectives of the Seventh National Development Plan and are expected to bolster Iran’s role in the global petrochemical market.
The growth in Iran's petrochemical sector is already evident. Mohammad Rezvanifar, the head of the Islamic Republic of Iran Customs Administration (IRICA), reported a 12.8 percent increase in the value of Iran’s petrochemical exports during the first five months of the current Iranian calendar year, compared to the same period last year. Iran exported 24.5 million tons of petrochemical products worth USD9.8 billion, representing a 12.5 percent increase in volume year-on-year.
Looking ahead, former NPC head Morteza Shahmirzaei projected that Iran's petrochemical output would reach 80 million tons by the end of the current Iranian calendar year, which concludes in March 2025. Shahmirzaei also revealed plans to launch 15 new petrochemical projects by then, with five major projects already operational. During the recent 18th International Exhibition of Plastic, Rubber, Machinery, and Equipment (IRAN PLAST 2024), he emphasized that significant progress has been made in the Makran region, where the acceleration of petrochemical projects is expected to bring new plants online soon.
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