Minister: Iran's petrochemical production worth $20B

Oil&Gas Materials 7 March 2019 14:22 (UTC +04:00)

Baku, Azerbaijan, Mar. 7

By Elnur Baghishov – Trend:

Iran's petrochemical production is estimated to be at $20 billion with 30 million tons annually, Iranian Oil Minister Bijan Zanganeh said at the groundbreaking ceremony of the Andimeshk Petrochemical Complex in Andimeshk County of Iran’s southwestern Khuzestan Province, Trend reports referring to the Young Journalists Club (YJC).

Zanganeh stated that the net production will reach 45 million tons during the next 2 years, adding that, despite the country being under sanctions, Iran's petrochemical industry is on the threshold of great progress.

"The fuel of petrochemical plants will exceed the demand in the coming year (begins March 21, 2019)," he said.

Touching on oil-gas and petrochemical projects around the Karun River in Iran’s Ilam Province, the minister said that a foreign investor will also be enlisted for that.

Zanganeh said that the production of the facilities located to the west of the Karun River consisted of 70,000 barrels of oil daily in 2012.

Presently, the figure stands at 300,000 barrels per day, and will soon increase to 350,000 barrels, according to Zanganeh.

The minister noted that the production of 13,000 barrels of oil from the Azar Oil Field in Ilam Province will be increased to 60,000 barrels per day by the next year (begins March 21, 2019).

"Development of the 2nd phase of Mahshahr Petrochemical Plant is on the agenda," he said.

The Andimeshk Petrochemical Complex, located in the Andimeshk County of Iran’s southwestern Khuzestan Province, is projected to produce 110,000 tons of oxide ethylene, 11,000 tons of monoethylene glycol, 101,000 tons of ethoxylation and 31,000 tons of ethanolamine per year.

The US imposed sanctions on Iran in November 2018.