TEHRAN – The capacity of Iranian petrochemical production increased by 13.5 million tons in the previous Iranian calendar year (ended on March 20) following the inauguration of 12 new petrochemical projects across the country.
With the inauguration of the mentioned projects which were defined under the framework of the petrochemical industry’s second leap, the country’s total petrochemical production capacity has now reached 83.5 million tons.
According to the National Petrochemical Company (NPC), the second leap of the petrochemical industry is going to be realized in the current Iranian calendar year (started on March 21) to boost the country’s annual petrochemical revenues up to $25 billion.
The third leap of the industry, which is aimed to increase the revenues from the mentioned sector to $37 billion, is also planned to take place in the Iranian calendar year 1404 (begins in March 2025).
According to the Iranian President Hassan Rouhani, the country’s petrochemical production capacity has nearly doubled over the past eight years.
“The petrochemical production capacity is expected to reach 100 million tons in the current year and this shows that a lot of work has been done. the revenues from the petrochemical industry have helped us during the years of economic war and sanctions,” Rouhani said earlier.
The president noted that 17 petrochemical projects worth about $12 billion were planned to be inaugurated across the country to realize the second leap of the industry, of which 12 were put into operation in the previous year and the rest will go operation this year.
Takht Jamshid Petrochemical Complex in Khuzestan Province, Miandoab Petrochemical Complex in West Azarbaijan Province, Kaveh Petrochemical Complex in Bushehr Province, Lorestan Petrochemical Complex in Lorestan Province, and Middle East Kimiaye Pars Complex in Bushehr Province were among the projects inaugurated during the previous year.
The petrochemical industry plays a crucial role in Iran’s non-oil economy, as the petrochemical export is the second-largest source of revenue for the country after crude oil. Petrochemical exports already constitute nearly 33 percent of the country’s non-oil exports.
Iran has been highly developing this sector over the past few years as the development of the giant South Pars gas field (Iran shares with Qatar in the Persian Gulf) has been supplying more feedstock to the petrochemical units.
Also, the U.S. sanctioning Iran’s oil exports has encouraged more development of the petrochemical industry to boost exports from this sector.
While the leap in the petrochemical output is a big measure to boost Iran’s non-oil exports, it also plays a very significant role in promoting domestic production.
Balanced development of the petrochemical industry has also been of particular interest among the NPC strategies in recent years since the development of downstream industries will prevent the sale of raw materials and result in the production of products with higher added value.
Most of the projects in this industry are currently using domestic equipment, licenses, and technological knowledge of the Iranian experts.
Original News : https://www.tehrantimes.com/news/459395/Iran-s-petchem-production-capacity-rises-13-5m-tons