News ID: 321505
Published: 0145 GMT May 10, 2022

NPC says annual petchem revenues to increase 17%

NPC says annual petchem revenues to increase 17%

National Petrochemical Company (NPC) Director of Planning and Development Hassan Abbaszadeh said the annual revenues of the country’s petrochemical sector is expected to increase 17 percent to reach $27 billion in the current Iranian year (to end March 20, 2023).

Speaking in a meeting of the managing directors of the countrys major petrochemical holdings on Tuesday, Abbaszadeh put the countrys current petrochemical production capacity at 90 million tons, saying that Iran accounts for about 30 percent of Middle Easts total installed petrochemical capacity and three percent of the worlds total output, Shana reported.

According to the official, the total capacity of Irans petrochemical industry will double by 2030.

Abbaszadeh mentioned the NPCs long-term programs for the development of the industry, saying: We have a strategic plan for the next 10 years based on which in the Seventh Five-Year National Development Plan (2022-2026), 68 projects with a total investment of $35 billion and a capacity of 50 million tons will be implemented.”

The official put the average progress of the mentioned 68 projects at 30 percent and said: $9 billion have been spent so far and the sources for the rest of the required investment are also determined.”

In the eighth [national development] plan, we have defined 37 projects that require $40 billion in investment and 58 million tons will be added to the countrys petrochemical production capacity,” he added.

The capacity of the countrys petrochemical production will reach 200 million tons by the Iranian year of 1411 (to begin in March 2032), the official noted.

Emphasizing that in the previous Iranian calendar year (ended on March 20), about 48 million tons of feed equivalent to one million barrels of crude oil per day were received by the countrys petrochemical plants, from which 65 million tons of products were produced.

The petrochemical industry plays a crucial role in Irans 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 countrys non-oil exports.



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