Iran has planned to speed up the implementation of petrochemical projects with the aim of increasing the capacity of propylene production to three million tons a year, said deputy oil minister on Sunday.
The Iranian Investment Petrochemical Group (IIPG) allocated over $1 billion to the construction of four petrochemical complexes across the country, said the private investment firm’s managing director.
The domestic petrochemical sector, as a sustainable and attractive industry, plays an important role in the country's economic system and creates value by using available resources in the path of development, said a member of the Iranian Parliament’s Energy Committee.
Iranian Oil Ministry is planning to indigenize nine essential catalysts used in the petrochemical industry within the next two years, said managing director of the Petrochemical Research and Technology Company (PRTC).
The value of Iran’s petrochemical exports during the first 10 months of the current Iranian year (March 21, 2019-January 20, 2020) rose five percent compared to the same period of time in the past year.
Chemical and petrochemical production of Iran posted an increase on nearly two percent in the 10 months of the current Iranian year (March 21, 2019 – January 20, 2020), indicating that Tehran has overpowered Washington’s pressures.
Close to two million tons of the latent capacities of Iran’s petrochemical complexes will become operational in the next Iranian calendar year (to start March 20, 2020), said a manager of the National Petrochemical Company (NPC) on Saturday.
A total of 23 projects in phases 1 and 2 of the Assaluyeh region in southern Iran are under implementation, whose completion will lead to a significant rise in the capacity of Iranian petrochemical industry and the diversity of its products.