Iran aims to enhance petrochemical output capacity by 8 percent
Date
11/4/2024 7:51:55 AM
(MENAFN) According to Iran’s seventh National Development Plan (2022-2027), the country aims to enhance its petrochemical production capacity by eight percent, targeting a total of 130 million tons. This ambitious goal is supported by a substantial investment of over USD40 billion earmarked for the petrochemical industry as part of the forthcoming eighth National Development Plan. This financial commitment is designed to expand the sector significantly and ensure the completion of its value chain, marking a pivotal moment for Iran's industrial landscape.
Currently, Iran represents 2.8 percent of the global petrochemical capacity and holds around 28 percent of this capacity within the region. The outlined plans for growth under the seventh development plan indicate a significant increase in capacity that will further establish Iran as a key player in the petrochemical industry. According to data from the National Petrochemical Company (NPC), it is projected that Iran's petrochemical production capacity will reach 103 million tons by the end of the current Iranian year, which concludes in late March 2025.
Additionally, with approximately 60 petrochemical projects slated to become operational during the seventh National Development Plan, an impressive 35 million tons is expected to be added to the country's petrochemical capacity by the year 2027. This expansion is critical for Iran to meet its production goals and enhance its competitiveness on the global stage.
To successfully realize the ambitious targets set forth in both the seventh and eighth National Development Plans, the country will require an annual investment of at least USD7 billion. Meeting this investment requirement is essential for fostering collaboration between the government and the petrochemical industry, as the industry alone lacks the capacity to attract the necessary funds. Thus, government support will be crucial to ensure the successful execution of these development goals.
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