News ID: 291623
Published: 0415 GMT March 15, 2021

Iran to launch five petchem projects by June: NPC

Iran to launch five petchem projects by June: NPC

Five major petrochemical projects are scheduled to become operational across the country by June 21, announced the project manager of the National Petrochemical Company (NPC).

According to Amir Vakilzadeh, the projects will be inaugurated as part of the second leap of the country’s petrochemical industry, Shana reported.

The official noted that the said projects were planned to be inaugurated in the current Iranian year (to end March 20), however, their execution faced some problems due to the restrictions created by the coronavirus pandemic.

Some 17 petrochemical projects worth about $12 billion were planned to be inaugurated across the country in the current year to realize the second leap of the industry, of which 12 were put into operation, Vakilzadeh said.

The new projects are aimed at increasing Iran’s annual petrochemical production by 35 percent in the present [Iranian] year, according to NPC Managing Director Behzad Mohammadi.

The petrochemical industry plays a crucial role in Iran’s non-oil economy, as petrochemical exports are 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 recent years as the development of the giant South Pars Gas Field (which Iran shares with Qatar in the Persian Gulf) has been supplying more feedstock to petrochemical units.

Also, the US sanctioning Iran’s oil exports has encouraged more development of the petrochemical industry to boost exports from this sector.

Now, pursuing the second and third leap in this sector, the country aims to boost its annual petrochemical production capacity to 100 million tons in the next Iranian year (March 2021-March 2022) from the current 66 million tons.


 

   
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