Iran’s petrochemical industry boosts country’s status in global economy
Date
12/29/2024 9:08:24 AM
(MENAFN) The head of Iran's National Petrochemical Company (NPC), Hassan Abbaszadeh, has emphasized the critical role of the petrochemical industry in enhancing Iran's position in the global economy. In a statement marking National Petrochemical Industry Day, Abbaszadeh highlighted the dual importance of the sector, both as a supplier of domestic needs and as a significant player in international markets. He noted that the industry’s global presence reinforces Iran’s economic standing on the world stage.
As outlined in Iran's seventh National Development Plan (2022-2027), the country aims to boost its petrochemical production capacity by 8 percent, reaching 130 million tons by the plan’s conclusion. To further expand this vital sector and complete its value chain, over USD40 billion in investments are planned under the subsequent eighth National Development Plan.
Currently, Iran holds 2.8 percent of the global petrochemical capacity and nearly 28 percent of the regional capacity. With ambitious development plans underway, the nation’s petrochemical production capacity is set to experience significant growth. By the end of the current Iranian calendar year (March 2025), the production capacity is projected to reach 103 million tons.
Additionally, approximately 60 petrochemical projects are scheduled for completion during the seventh National Development Plan. These developments are expected to add 35 million tons to Iran’s petrochemical capacity by 2027, further solidifying its role in regional and global markets.
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