Iran boosts petrochemicals production

Oil&Gas Materials 18 June 2020 12:00 (UTC +04:00)

BAKU, Azerbaijan, June 18

By Elnur Baghishov –Trend:

The petrochemicals' production in Iran has increased by 3 percent since the beginning of the current Iranian year (March 20, 2020) to June 18 compared to the same period of the last Iranian year, Iran's National Petrochemical Company (NPC) Production Control Manager Jalal Mirhashemi told Mizan news agency, Trend reports.

The manager said that a total of 13.9 million tons of petrochemicals have been produced so far.

Mirhashemi added that the production of petrochemicals will increase by 20 percent in the current Iranian year with the launch of the enterprises planned to be commissioned this year.

The official stressed that the use of sales potential, such as the Iranian Energy Exchange, helps to avoid US sanctions against Iran.

By selling petrochemicals, Iran will have a special position in regional markets, Mirhashemi noted.

Iran produced 31 million tons of processed finished petrochemical products in the last Iranian year (March 21, 2019 - March 20, 2020). Of these, 8 million tons were sold within the country, and 23 million tons of products were exported. The total sale value reached $15 billion.

Iran currently produces 66 million tons of petrochemicals a year. It is planned to increase this production to 100 million tons to raise the country's revenues from $17 billion to $25 billion by 2022.

At the same time, it is planned to increase production of Iran’s petrochemical sector to 133 million tons and revenues to $37 billion by 2026.