BAKU, Azerbaijan, May 24
By Elnur Baghishov – Trend:
The exports of Iran’s petrochemical products, despite all the problems (sanctions, reduced demand due to the coronavirus pandemic, and so on) amounted to 25 million tons over the last Iranian year (March 20, 2020 - March 20, 2021), Deputy Oil Minister and Executive Director of Iran’s National Petrochemical Company, Behzad Mohammadi said in a press conference, Trend reports citing Shana news agency.
Mohammadi stressed that Iran earned $10 billion worth of revenue from petrochemical exports in the last Iranian year.
The deputy minister added that the growth of annual demand for oil products in the world is about 9 percent, and for petrochemical products is about 5 percent.
According to the director, based on this, Iran is moving towards the production of valuable petrochemical products, by using its rich hydrocarbon reserves within the framework of precise plans.
“Iran's petrochemical production potential was 65 million tons two years ago, but now it has already increased by 25 million tons to 90 million tons,” he said.
Mohammadi noted that construction works are currently underway at 10 petrochemical facilities in Iran. There is a total of 84 percent physical progress at these facilities. The facilities will be put into operation by the end of the current Iranian year (March 20, 2022). Thus, Iran will have the potential to produce 100 million tons of petrochemicals per year.
"In addition, 40 facilities are being built in Iran to increase the production capacity of petrochemical products. These facilities will be put into operation until March 20, 2026. As a result, Iran's petrochemical production potential will increase to 135 million tons per year," the deputy minister said.