Iran discloses amount of investments made in petrochemical sector

Oil&Gas Materials 21 January 2021 12:07 (UTC +04:00)
Iran discloses amount of investments made in petrochemical sector

BAKU, Azerbaijan, Jan. 21

By Elnur Bagishov – Trend:

In general, $80 billion has been invested in Iran's petrochemical sector in the current situation, Deputy Oil Minister and Executive Director of Iran’s National Petrochemical Company, Behzad Mohammadi said, Trend reports citing the company’s website.

The deputy minister noted that these investments will increase to $92 billion after 4 years (from March 21, 2025, to March 21, 2026) and to $108 billion after 6 years (from March 21, 2027, to March 20, 2028).

Mohammadi added that with this growth rate, the number of petrochemical facilities will reach 83 in the next Iranian year (from March 21, 2021, to March 21, 2022), to 109 after 4 years, and to 116 after 6 years.

“There are more than 50 million shareholders operating in Iran's petrochemical sector. Also, about 120,000 people work in this sector,” he said.

The director emphasized that a number of steps have also been taken to protect the environment and combat climate change. Thus, Shiraz Petrochemical Company has prevented the release of 418,000 tons of carbon dioxide (CO2) per year, Kermanshah Petrochemical Company - 40,000 tons, and Marun Petrochemical Company - 150,000 tons of and Razi Petrochemical Company - 435,000 tons.

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.