News ID: 315446
Published: 0143 GMT August 10, 2021

Iran’s annual exports of petrochemicals to hit $50b by 2027: CEO

Iran’s annual exports of petrochemicals to hit $50b by 2027: CEO

Iran’s National Petrochemical Company (NPC) is planning the fourth leap in the industry, based on which the company’s revenues are expected to reach $50 billion by 2027, according to its Managing Director Behzad Mohammadi.

“By completing the projects defined in the second and third leaps, and the implementation of strategic projects defined in the fourth step of the smart development of the petrochemical industry, $50 billion worth of petrochemicals will be exported,” Shana quoted Mohammadi as saying.

Mohammadi added that 47 major projects were defined to be implemented in the fourth leap of the petrochemical industry.

“For the fourth leap, a total of 47 new projects were defined and classified into three sections: combined feed projects, new propylene production projects, and pioneering projects.”

On the increasing demand for feedstock in the industry, he said: “We received about 40 million tons of feed equivalent to one million barrels of crude oil per day worth $6 billion from the oil industry in the previous Iranian year (ended on March 20), which was consumed in 67 petrochemical complexes.”

With the projects of the third leap going operational in the Iranian calendar year of 1404 (to starts March 2025), the petrochemical complexes’ feed demand will reach the equivalent of 2.3 million barrels of crude oil per day, he added.

Despite the restrictions caused by the coronavirus pandemic in the previous Iranian year, he said, the development goals of the petrochemical industry were completely achieved.

He said last year, 25 million tons were added to the country's petrochemical production capacity and 34 million tons of final products were produced, which generated $15 billion in revenue.

According to the NPC head, there are currently 50 petrochemical projects underway across the country that will be operational by the end of the Iranian year of 1404 (2025-26) and increase the annual production capacity of petrochemical products to 135 million tons.

The petrochemical industry plays a crucial role in Iran’s non-oil economy, as the export of its products is the second-largest source of revenue for the country after crude oil.

Petrochemical exports constitute nearly 33 percent of the country’s non-oil exports.

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