TEHRAN, Iran, Aug.6
Trend:
Iran plans to invest $17 billion in 27 petrochemical projects to be launched by 2021 and increase the value of petrochemical products to $25 billion, said Iranian Oil Minister.
"It is expected that 13 petrochemical projects will be inaugurated by the end of current Iranian year [started March 20, 2020] that will allow increasing production capacity to 25 million tons," said Bijan Zangeneh, Trend reports citing IRNA.
"Improving petrochemical industry will prevent sale of raw products, ensure supply to downstream industries, reduce import and return foreign currency revenue for exporting non-oil products," the minister said.
"It is planned that the value of petrochemical products will reach $37 billion by 2024; the petrochemical production capacity has doubled since 2013 and shall more than triple by 2025," Zangeneh said adding that petrochemical companies currently share 25 percent of stock market value since their products are exported and attract shareholders.
"The country's ethane production was 3.5 million tons in 2013 and it is expected to increase it to 14 million tons by August 2021, which will show four-time growth compared with current production," the minister said.
"The government has planned to produce 18 catalysts worth $90 billion by 2021," he noted.
In his words, Kaveh Methanol Petrochemical Complex and Middle East Kimiaye Pars projects worth $1.6 billion inaugurated by the Iranian president in Bushehr Province on August 7 will increase the production capacity by 4 million tons.
"It is expected that methanol production will reach 17.5 million tons by 2021 and then 24 million tons by 2024," the minister said.