Tehran, Iran, May 10
By Mehdi Sepahvand - Trend:
Iran's Deputy Oil Minister and CEO of the National Iranian Petrochemical Industries Abbas Sheri Moqaddam said new methanol projects are underway in the country.
Right now, projects are underway to boost Iran's methanol production capacity to 19 million metric tons per year, he said, Mehr news agency reported May 10.
Pointing out that Iran's methanol output stands at 5 million metric tons per year, he said that the new projects will turn Iran into the world's largest producer of methanol in 5 years.
He further estimated that due to increased production and lowering gas prices, Iran's methanol will reduce the price of the product in the global market.
He added that Iran has put on agenda a plan to launch factories for turning methanol into propylene as the basic material for many petrochemical processes.
He said that there are also 14 projects underway for turning methanol into propylene.
The official said that there are currently 67 unfinished petrochemical projects underway which need $70 billion investment for completion.
Petrochemicals account for over 40 percent of Iran's non-oil export.
While just 5-7 percent of the country's hydrocarbon output is fed into the petrochemical units, this amount leads to the production of 44 million metric tons of petrochemical.
Iranian officials hope that the petrochemical production would increase to 180 million metric tons by Iranian fiscal year 1404 (March 2025-March 2026).
Mehdi Sepahvand is Trend Agency's journalist in Iran, follow him on Twitter: @mehdisepahvand