Iran looks to make up for oil revenues through petrochemicals

Oil&Gas Materials 21 May 2019 13:07 (UTC +04:00)

Baku, Azerbaijan, May 21

By Elnur Baghishov – Trend:

Due to fall of crude oil exports, Iran will fill this gap with export of petrochemical exports, Ali Mohammad Bosaghzadeh, Production Control Director at Iran’s National Petrochemical Company (NPC), told ILNA, Trend reports.

According to Bosaghzadeh, with the support of the government and large petrochemical holdings, it may be feasible to convert oil products to petrochemical products and export them this way.

Bosaghzadeh added that the petrochemical sector can substitute the country’s crude oil sector by 100 percent.

Noting that sanctions were imposed on imports of petrol to Iran during the previous sanctions period, he added that sanctions are currently not imposed on fuel, as enough of it is being produced.

"The petrochemical sector can transform oil products into petrochemical ones. Previously, the petrochemical sector was not involved in natural gas liquids (NGLs). But the petrochemical sector has started working on NGLs,” he said.