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Iran plans to increase petrochemical industry's production capacity

Oil&Gas Materials 10 October 2019 17:24

Tehran, Iran, Oct.10

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Iran's plans to increase petrochemical industry's production capacity in the future will help to improve economy and employment, said the country's Deputy Oil Minister Behzad Mohammadi.

"Iran's petrochemical industry is the second major player in the country's economic system and its development would create jobs," Mohammadi said at the closing ceremony of the 5th Iranian Petroleum and Energy Club Congress and Exhibition in Iran, Trend reported from the event.

"The use of water, power and feedstock in petrochemical sector would improve the production and foreign currency revenues and increase the downstream value," he said.

"Iran has invested $53 billion in its petrochemical industry so far and has received $17 billion worth of revenues. Meanwhile, the industry's production capacity would rise to 100 million tons in 2025 and the investment would increase to $93 billion," he indicated.

"Iran's petrochemical sector consumes 33 million tons of feedstock per year from 56 petrochemical plants," he added.

"It is expected that the number of petrochemical plants in 2021 would increase to 83 complexes and then to 109 in the 2022 that would need 75 million tons of feedstock per year," he said.

"The petrochemical industry would consume 86 percent of the feedstock in 2025," he added.

"The petrochemical industry is consuming 300 million cubic meters of water per year, the petrochemical hub in Asalouyeh consumes 150 million cubic meters from Persian Gulf, 100 million cubic meters from Karoun river and 50 million cubic meters from country's water resources," he said.

The 5th Iranian Petroleum and Energy Club Congress and Exhibition (IPEC 2019) was held in Tehran on 8-9, October, 2019 at IRIB International Conference Center. IPEC is the largest event of its kind in the Middle East and has the full support and endorsement of the Ministry of Petroleum, Iran.

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