Iran parliament approves petrochemical output increase

Oil&Gas Materials 17 November 2014 16:42 (UTC +04:00)

Tehran, Iran, Nov. 17

By Milad Fashtami - Trend:

Iranian parliament (Majlis) approved that the country's petrochemical output should reach 100 million metric tons in ten years.

The country's domestic crude oil and gas condensates refining should also reach 5 million barrels per day, Iran's Mizan News Agency reported on Nov. 17.

Iran's oil, gas condensates, and gas extraction from the joint fields should also reach the partner countries' production rate in the next decade.

Iran's total petrochemical production is expected to reach 44 million metric tons by the end of the current Iranian calendar year (March 20, 2015).

Ali Mohammad Bosaqzadeh, an official with the National Petrochemical Company (NPC) said previously that the country's nominal production capacity is 54 million metric tons.

"Iran's total petrochemical output capacity stood at 42.5 million metric tons in the previous year," he explained.

Deputy Director of National Petrochemical Company (NPC) Mohammad Hassan Peyvandi said on October 26 that there are 67 incomplete petrochemical projects in the country.

"West Ethylene Pipeline is among the main incomplete projects," he said, Iran's Fars News Agency reported.

According to Peyvandi, NPC has requested the Iranian government to allocate $5-10 billion out of the National Development Fund to finish the incomplete petrochemical projects.

"The money will be allocated to projects that are more than 60 percent complete," he said, Iran's IRNA News Agency reported.

Peyvandi also said on September 29 that eight methanol-producing units will come on stream in Iran in the next five years.

"The units will have the capacity to produce 19 million metric tons per year," he said.

Iran will launch 6 new petrochemical complexes by the end of the current calendar year (March 20, 2015).

Once the projects come on stream, the country's total petrochemical production capacity will be increased by 2 million metric tons, Iran's Mehr News Agency reported on October 5.