BAKU, Azerbaijan, May 29. The country's petrochemical production potential will increase by 3 million tons in the coming weeks due to the commissioning of petrochemical facilities in Iran, Iranian Oil Minister Javad Owji told reporters after a meeting of the Cabinet of Ministers in Tehran on May 29, Trend reports.
According to him, the increasing production of petrochemical products leads to an increase in both exports and domestic supply.
The official noted that the facilities will be commissioned as part of 23 projects for the production of oil, gas, refined, and petrochemical products in the country in the coming weeks.
Furthermore, nine petrochemical production facilities are scheduled to be put into operation in Iran in the coming weeks. A total of $1.2 billion has been spent on this connection.
Meanwhile, Iran's petrochemical production potential was 95 million tons at the end of last year. Iran announces that in the current year (from March 20, 2024 through March 20, 2025), the country's petrochemical production potential will increase by 5 million tons to 100 million tons.
To note, Iran exported 48.8 million tons of petrochemical products worth $19.4 billion in the last Iranian year (from March 21, 2023 through March 19, 2024). Compared to the previous year (from March 21, 2022 through March 20, 2024), Iran's petrochemical exports decreased by 28.6 percent in terms of value and 11.3 percent in terms of weight.
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