Iran’s petrochemical sector to increase foreign exchange revenue to over USD25 billion
Date
12/26/2024 4:39:08 AM
(MENAFN) Iran’s petrochemical sector is on track to increase its foreign exchange revenue to over USD25 billion, driven by new investments in natural gas production. According to Ahmad Mahdavi, Secretary-General of the Iranian Petrochemical Employers' Association, the sector is poised for significant growth. Mahdavi shared that 10 agreements have been signed to address the country’s Natural gas supply challenges and invest in gas fields, with a total value of USD8.0 billion. These investments aim to increase daily gas production by 200 million cubic meters.
The projects linked to these agreements are expected to be completed by the end of Iran’s Seventh National Development Plan in 2026. Once operational, the projects will substantially enhance the country's natural gas production capacity, which will, in turn, contribute to a significant increase in foreign exchange revenue from the petrochemical sector. This boost is expected to help strengthen Iran's economic position, making the petrochemical sector a central pillar of the nation’s industrial growth.
Mahdavi also emphasized the importance of the Oil Ministry and the government facilitating a more efficient licensing process. He urged for expedited investments in this critical sector, which could help address the ongoing gas supply shortfall and support broader industrial development.
The new gas production initiatives will not only alleviate the country’s energy challenges but also create opportunities for greater economic growth. By enhancing its petrochemical output, Iran aims to become a key player in global energy markets, with significant benefits for its economy.
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