Major part of Iran’s export market accounts for petrochemical industry
BAKU, Azerbaijan, Feb. 17
By Elnur Baghishov - Trend:
Major part of Iran’s export market accounts for the petrochemical industry, Jafar Rabiei, managing director of the Persian Gulf Petrochemical Industries Company (PGPIC) said at a conference in the Iranian Research Institute of Petroleum Industry dedicated to the presentation of Iran’s startups in oil sector, Trend reports with reference to the company’s website.
Rabiei noted that the petrochemical sector delivers raw materials worth $5.5 billion annually to the downstream industry.
The managing director added that 75-80 percent of the equipment in the petrochemical industry is manufactured domestically in Iran. Rabiei noted that Iranian companies should increase their efforts to produce technological equipment in the petrochemical industry.
The company official added that about $40 billion will be spent over the next 10 years to complete the existing projects and implement new projects in the petrochemical industry. However, from 1979 (referring to the Islamic Revolution in Iran) to 2013 (when the current Iranian government came to power), about $55 billion was spent on the petrochemical sector, said Rabiei.
There are plans to increase the current production volume from 66 million tons in Iran’s petrochemical sector to 100 million tons by March 21, 2022, and revenues - from $17 billion to $25 billion. At the same time, with the commissioning of 28 projects by 2026, production volumes in Iran’s petrochemical sector are expected to reach 133 million tons, while the revenues - $37 billion.