Iran intends to reduce import of petrochemicals

Oil&Gas Materials 21 August 2021 12:07 (UTC +04:00)
Iran intends to reduce import of petrochemicals

BAKU, Azerbaijan, Aug. 21

By Elnur Baghishov – Trend:

Iran intends to reduce the value of petrochemicals imports by about $1.5 billion per year by implementing 33 plans, Director of the Planning and Development Department of the Iranian National Petrochemical Company (NPC), Hassan Abbaszadeh told IRNA, Trend reports.

According to Abbaszadeh, with the implementation of these plans, Iran's petrochemicals imports will reduce by about 70 percent in terms of value.

“As a result of the plans to be implemented, about 20 new products will be produced. Examples are acrylic acid, ASP, propylene oxide and others,” he added.

The director noted that Iran needs about $3.3 billion to implement these plans, and a total of 3 million tons of products will be produced annually in a result.

As reported, Iran is planning to export 33 million tons of petrochemical products worth $14.2 billion in the current Iranian year (from March 21, 2021 through March 20, 2022). It is planned to produce 43 million tons of final products in the current Iranian year. About 10 million tons of it will be consumed in the country. In general, the revenues of the petrochemical industry will amount to $21.5 billion this year.

Starting from the second half of the next Iranian year (August 23, 2022), 39 petrochemical facilities are to be put into operation in the petrochemical sector of Iran. In total, 50 facilities are to be put into operation in the next 5 years (until March 20, 2026). Of these, 3 facilities are on the production of mixed fuels, 11 facilities – on the production of propylene, and 33 are development facilities.

Iran's annual petrochemical production potential will increase to 136 million tons in five years, and to 167 million tons with the implementation of strategic plans.

In total, 17 petrochemical facilities at a cost of $11.4 billion were put into operation in the country over the last Iranian year (from March 20, 2020 through March 20, 2021). Thus, the annual production of Iran's petrochemical sector increased from 65 million tons to 90 million tons.


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