Iran’s petrochemical exports rise 24 percent in 7 months annually
Date
11/17/2024 4:09:34 AM
(MENAFN) Iran’s petrochemical exports saw a significant rise in the first seven months of the current Iranian calendar year (March 20-October 21), with the value of exports increasing by 24 percent compared to the same period last year. According to Mohammad Rezvanifar, the former head of the Islamic Republic of Iran Customs Administration (IRICA), a total of 37.9 million tons of petrochemical products were exported, valued at USD15.2 billion. This also marks a 23 percent growth in terms of weight year on year.
This growth in petrochemical exports aligns with Iran’s ambitious plans outlined in its Seventh National Development Plan (2022-2027), which targets an 8 percent increase in petrochemical production capacity, aiming for a total of 130 million tons. To achieve this goal, Iran plans to invest over USD40 billion in the petrochemical industry during the Eighth National Development Plan, further expanding the sector and completing its value chain.
Currently, Iran accounts for 2.8 percent of the global petrochemical capacity and about 28 percent of the regional capacity. With the strategies outlined in the Seventh Development Plan, Iran expects its petrochemical industry to grow significantly. By the end of the current Iranian year (March 2025), the country’s production capacity is projected to reach 103 million tons, according to data from the National Petrochemical Company (NPC).
Furthermore, Iran has planned the launch of approximately 60 petrochemical projects during the Seventh National Development Plan, with 35 million tons of new capacity expected to come online by 2027. These developments demonstrate Iran's commitment to enhancing its petrochemical industry and strengthening its position in the global market.
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