NPC head says Iran’s petrochemical industry crucial to global economic standing
Date
12/30/2024 2:57:08 AM
(MENAFN) The head of Iran’s National Petrochemical Company (NPC) emphasized the significant role the petrochemical industry plays in enhancing Iran's position in the global economy.
In a message marking National Petrochemical Industry Day, Hassan Abbaszadeh stated, "Today, this industry not only meets a large portion of the country’s domestic needs but also, through its strong presence in international markets, plays a vital role in strengthening and advancing Iran's standing in the global economy."
Under Iran’s seventh National Development Plan (2022-2027), the country aims to increase its petrochemical production capacity by eight percent, reaching 130 million tons.
Additionally, Iran plans to invest over USD40 billion in the sector as part of the eighth National Development Plan to further expand the industry and complete its value chain.
Currently, Iran holds 2.8 percent of the global petrochemical capacity and approximately 28 percent of the regional capacity. With these plans in place, the country expects a significant boost to its petrochemical industry by the end of the seventh development plan.
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