Crude oil consumption in Iran to grow

Oil&Gas Materials 28 December 2020 13:05 (UTC +04:00)

BAKU, Azerbaijan, Dec. 28

By Elnur Baghishov – Trend:

The crude oil consumption in the petrochemical sector of Iran will reach 2 million barrels daily until March 21, 2026, Deputy Oil Minister and Executive Director of Iran’s National Petrochemical Company, Behzad Mohammadi said, Trend reports citing the company’s website.

Mohammadi noted that the consumption of crude oil in Iran’s petrochemical sector Iran will reach daily 2.2 million barrels.

The director added that there are 64 facilities operating in Iran on the production of petrochemical products, at present. The number of facilities will increase to 70 by the end of the year (until March 21, 2021).

The deputy minister stressed that about 30 percent of Iran's petrochemical products produced in Iran are used domestically and 70 percent are exported.

“At present, 90 types of products are produced in Iran's petrochemical sector. As many as 18 types of them are polymer products. The number of these products will reach 124 until March 21, 2027,” he said.

According to him, the implementation of 30 plans is estimated until March 21, 2027.

Mohammadi emphasized that 16 billion euro will be spent on these plans and annually 20 million tons will be added to production.

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.

Iran produced 31 million tons of petrochemicals 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 was $15 billion.