Iran to inaugurate eight petrochemical projects by March

Business Materials 29 December 2020 06:22 (UTC +04:00)
Iran to inaugurate eight petrochemical projects by March

Iran is planning to launch eight petrochemical projects by the end of the current Iranian calendar year ( March 20, 2021), a deputy oil minister said, Trend reports citing Mehr.

The CEO of the National Petrochemical Company (NPC), Behzad Mohammadi told a press conference held to mark the Petrochemical Day on Sunday that the country’s petrochemical revenue generation was at a very favorable state, adding the industry, as the first industry in Iran, is strengthening its foothold in the country’s economy day by day.

So far this year, nine petrochemical projects have come online in Iran and eight others are expected to become operational by the end of the year, he said.

Mohammadi, who is also the Deputy Oil Minister for Petrochemical Affairs, said 30% of the country’s petrochemical output is consumed domestically, adding the number of operational 70% of the products are exported to international markets.

According to him, Iranian petrochemical companies supply 90 types of petrochemicals of which 18 are polymeric which are offered in 333 grades.

The diversity of petrochemical products supplied domestically will reach 104 types by 2026 and 124 types by 2027, he said.

Elsewhere in the press conference, Mr. Mohammadi said 30 strategic projects had been defined in the industry with $16 billion of investment which would add 20 million tons to the country’s annual production capacity.

He continued by stating that with the completion of the second-leap plans, the volume of investment in this industry will reach $80 billion.

With the completion of the third-leap projects, this figure will reach $92 billion and with the realization of the fourth-leap plans by 2027, it will reach $108 billion, he said.

According to him, Iran’s annual petrochemical revenue will reach 44 billion dollars per year by 2026 which will be marked as the end of the 7th development plan of the country.

Mohammadi, noting that the process of localization of technical savvy of petrochemical processes in other products is being pursued, added so far, seven processes including Methanol, Ammonia, PP, PVM, HDPE have been localized and by March 2022, this will reach 10 processes.

The CEO of the National Petrochemical Company stated that 85 types of catalysts are used in the petrochemical industry, adding that 20 types have been localized and 16 types will be localized by March 2022.