Baku, Azerbaijan, Nov. 10
By Farhad Daneshvar, Dalga Khatinoglu – Trend:
Iran’s Persian Gulf Petrochemical Industries Company plans to increase its annual output to 21 million tons over the current Iranian calendar year (started March 21, 2016), a company official told Trend.
Rasul Ashrafzadeh, director of planning and development at Persian Gulf Petrochemical Industries Company, says the company has produced 18.5 million tons of petrochemical products so far.
According to the official, the company is capable of producing 24 million tons of petrochemical products per year which has not been realized due to some obstacles, including lack of petrochemical feeds.
Persian Gulf Petrochemical Industries Company is among the largest petrochemical producers in Iran and its production volume is estimated to exceed 40 percent of the country’s petrochemical output.
Ashrafzadeh added that the company is in talks with four large international companies for developing its projects.
Iranian Oil Minister Bijan Namdar Zanganeh earlier announced that the country needs to lure $52 billion in investment to develop its petrochemical sector.
While the current capacity of Iranian petrochemical industry stands at 60 million tons per year, the country plans to increase its annual output to 180 million tons by 2025.