Iran’s petrochemical industry to require 168 mcm of gas per day based on 7th plan
Date
11/7/2024 7:15:33 AM
(MENAFN) Hassan Abbaszadeh, the Acting Head of Iran’s National Petrochemical Company (NPC), stated that the petrochemical industry will require 168 million cubic meters (mcm) of gas per day to implement the development projects outlined in Iran’s seventh National Development Plan (2022-2027). Looking ahead, the eighth development plan increases this figure to 205 million cubic meters per day, reflecting the sector's growing energy needs.
Under the seventh development plan, Iran aims to increase its petrochemical production capacity by 8 percent, reaching a total of 130 million tons. To achieve this, the country plans to invest over USD40 billion in the petrochemical sector as part of its eighth National Development Plan. This investment will focus on expanding production capacity and completing the petrochemical value chain, which is a critical part of Iran’s long-term industrial strategy.
Currently, Iran accounts for 2.8 percent of the global petrochemical capacity and about 28 percent of the regional capacity. With the outlined plans, Iran expects a significant increase in its petrochemical production capacity by the end of the seventh development plan. The latest figures from the NPC suggest that the country’s petrochemical production capacity will reach 103 million tons by the end of the current Iranian year, which concludes in March 2025.
To meet the ambitious goals set for the seventh and eighth National Development Plans, Iran’s petrochemical sector requires substantial investment. Abbaszadeh emphasized that the industry needs at least USD7 billion in annual investment to reach the desired targets. Achieving this level of investment will require strong cooperation between the government and the private sector, as the petrochemical industry alone cannot raise the necessary funds without government support.
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