Iran's petrochemical industry exports USD10B worth of products in 9 months
Date
1/14/2025 7:20:52 AM
(MENAFN) Iran's petrochemical industry exported USD10 billion worth of products during the first nine months of the Iranian calendar year 1403 (March–December 2024), with expectations that the total could reach USD13 billion by the end of the year. Hassan Abbaszadeh, the head of the National Petrochemical Company (NPC), shared this update on Saturday, January 11, during a meeting with Oil Ministry officials, including First Vice President Mohammad Reza Aref, according to a report by Shana.
Abbaszadeh highlighted the sector's critical role in the national economy, noting the presence of 70 production complexes and three utility complexes. He explained that 85 percent of the industry is held by pension fund-owned holding companies, while the remaining 15 percent is operated by private enterprises. In addition to its export achievements, the petrochemical sector provided USD10 billion worth of feedstock to downstream industries, supporting areas such as polymers, footwear, apparel, and detergents.
He also emphasized the strategic shift in the seventh national development plan, which includes 61 petrochemical projects focused on completing the industry's value chain. Unlike earlier strategies that centered on capacity expansion, the current approach aims for a production capacity of 131.5 million tons by 2028 in areas like methanol, polyethylene, and ethylene. Abbaszadeh noted that while this strategy is more challenging, it encourages value-added production and strengthens the industry’s value chain.
The projects outlined in the seventh plan require USD24 billion in total investments, of which USD12 billion has already been spent, achieving an average physical progress rate of 50 percent. Abbaszadeh stated that the remaining USD12 billion will be invested to complete the projects, with the NPC closely monitoring and prioritizing initiatives that align with these long-term goals.
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