Deputy Minister: Iran's petrochemical production potential spikes
BAKU, Azerbaijan, September 24
By Elnur Baghishov – Trend:
If the annual production capacity of Iranian petrochemical products was 66 million tons at the beginning of the current Iranian year (March 20, 2020), now this figure is more than 70 million tons, Deputy Oil Minister and Executive Director of Iran’s National Petrochemical Company Behzad Mohammadi said, Trend reports citing the company’s official website.
According to Mohammadi, the volume of Iran's petrochemical products that were put up for sale in the last Iranian year (from March 21, 2019, to March 20, 2020), was 30 million tons and revenues of them amounted about $15 billion.
The deputy minister added that of this amount, about 23 million tons worth $10 billion were exported and 8 million tons worth $5 billion were sold domestically.
The director stressed that the demand for oil products will increase from 100 percent to 125 percent and petrochemical products will increase to 240 percent in 2040.
Mohammadi noted Iran is implementing 3 plans for methanol production, 4 for ethylene production, and 3 for benzene production in the petrochemical sector.
Iran is implementing two plans to increase the production of petrochemical products. According to the first plan, Iran's petrochemical production will increase from 66 million tons to 100 million tons per year and the revenues from $15 billion to $25 billion until March 20, 2022.
According to the second plan, Iran's petrochemical production will reach 133 million tons per year and the revenues will reach $37 billion by March 20, 2026.