Iran's petrochemical exports increase

Business Materials 8 February 2021 14:07 (UTC +04:00)
Iran's petrochemical exports increase

BAKU, Azerbaijan, Feb.8


Iran has succeeded to expand its petrochemical development plans and reach a record in volume of oil product exports, said the chairman of the Petrochemical Industries Development Management Company (PIDMCO) Habibollah Bitaraf, Trend reports via IRNA.

Iran's petrochemical production last Iranian year (started March 21, 2019) was valued at $15 billion, while about $10 billion worth of those petrochemical products were exported, said Bitaraf.

"Petrochemicals and refineries have been working with full capacity and had the most export volume, while the oil and petrochemical industry was under sanctions," he said.

"The daily petrochemical feed consumption last Iranian year (started March 21,2019) was equal to 800,000 barrels of crude oil that included natural gas, ethane, naphtha, condensates and kerosene," he said.

"The volume of feed consumption is expected to reach 2 million barrels per day in 2025, so the development plans are expanding," he noted.

"It was expected that in the current Iranian year, a total of 17 petrochemical development plans would materialize thanks to $11 billion worth of investments, and so far 12 plans have become projects. Among others, they include the Bid Boland Gas Refinery, Lordegan petrochemical plant," he said.

"More than 65 percent of commodities and equipment that is needed in the oil and petrochemical industry has been produced domestically," he said.

"We succeeded to increase the production capacity of petrochemical products and involve knowledge-based companies, as well as provide necessary equipment manufacturing technologies," he said.