Iran to inaugurate 15 new petrochemical units by 2017

Baku, Azerbaijan, Feb. 24

By Fatih Karimov - Trend:

Iran will inaugurate 15 new petrochemical units by Iranian fiscal year 1395 (March 2016-March 2017).

Marzieh Shahdaee, director of the National Iranian Petrochemical Company's plans, said this will boost the country's petrochemical capacity by 8.5 million metric tons, Iran's Fars news agency reported on Feb. 24.

"There are 60 petrochemical plans underway in the country," she said, adding that plans which are over 60 percent complete are a priority. She said the mentioned plans require $33.4 billion worth of investment to come on stream.

Seven petrochemical units, with a total capacity of 2.7 million tons, will come on stream by March 2016, she added.

Iranian Deputy Oil Minister Abbas Sheri-Moqaddam said on Feb. 2 that the petrochemical output will increase by 7.1 million metric tons in the next year.

If the international sanctions on the country's petrochemical and banking sectors are removed, the country's petrochemical output will increase from 60 million metric tons to 100 million metric tons by the end of the sixth five-year development plan (2020), he said.

The country has exported some 12 million metric tons of petrochemicals so far, he noted.

Iran plans to increase the number of its petrochemical units to 100 and the value of petrochemical exports to $70 billion over the course of 10 years, he said.

Iran's petrochemical output has exceeded 40 million metric tons since the beginning of the current Iranian calendar year (March 21, 2014).

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