Azerbaijan , Baku, April 12 / Trend, A.Yusifzade /
Iran's Bandar Imam Petrochemical Company low density polyethylene (LDPE) section production increased by 12 percent to 100,000 tons during the last Iranian calendar year (ended March 20, 2011), compared to the previous year (ended March 20, 2010), Naftnews reported.
Bandar Imam Petrochemical Company Ltd., through its subsidiaries, engages in the production of petrochemicals. The company was founded in 1973 and is based in Tehran, Iran. Bandar Imam Petrochemical Company Ltd. operates as a subsidiary of National Petrochemical Company.
Annual petrochemicals production of the Persian Gulf States is expected to jump around 46 percent to 155 million tones per annum by 2015, up from 105 million now, according to a latest report by the Gulf Petrochemicals and Chemicals Association (GPCA).
The region's current production represents about 16 percent of the total 700 million tones worldwide petrochemicals output. By 2015, the Gulf States will contribute a fifth (20 per cent) of the global output, industry reports say.
"This could require potential investments to the tune of $55 billion in the next five years," Abdul Wahab Al Sadoun, Secretary General of the GPCA, told Gulf News.
By then, the Gulf's petrochemicals industry will represent 20 percent of the total global petrochemical output. The production of petrochemicals is growing at an annual compound growth rate of 12 percent.
It is expected that by 2015 the production in this region of the polyethylene, polypropylene, PVC and polystyrene will double to reach more than 23.6 million tones in comparison to last year's figure of 13.5 million tones, a staggering 75 percent increase.
Fertilisers absorb 28 percent of the petrochemicals output while basic petrochemicals use 37 percent, polymers sector absorb 20 percent and the rest 15 per cent are used by intermediaries.
The Gulf region currently produces over 25 million tones of plastic resins annually out of which close to three million tones is converted into finished and semi-finished industrial and consumer plastic products.