TEHRAN- Iran plans to increase its petrochemical production by nine million tons by the end of the next Iranian calendar year (which will end on March 2017), Iran’s National Petrochemical Company (NPC) Managing Director Abbas She’ri Moqaddam said yesterday.

He said the output increase will be through putting seven and nine petrochemical projects into operation in the current and next Iranian calendar years, respectively, the Shana News Agency reported.

On October 5, Hamidreza Rostami, the planning and management director of NPC, said Iran’s petrochemical sector has set an annual output target of around 129 million tons by the end of the country’s sixth five-year development plan (2016-2021).

Increasing amounts of foreign financing and also effective planning by the Oil Ministry will contribute to realization of the goal. This enhanced production is specially brought about by the pumping of $11.5 billion into the sector during the sixth development plan and also accomplishment of 122 progressive petrochemical projects.
 
Based on the official statistics, Iran has a capacity to produce 60 million tons of petrochemicals per year.

In June 2014, She’ri Moqaddam said Iran plans to boost annual petrochemical production capacity to 180 million tons from around 60 million tons currently.   
 
Once the semi-finished petrochemical projects are completed and a number of planned petrochemical units come on stream, the country’s petrochemical output will be increased to 180 million tons per year, he added.  
 
Also, on August 15, Iran’s Petrochemical Commercial Company’s Managing Director Mehdi Sharifi Niknafs said the value of Iran’s petrochemical exports is forecast to rise by 20-25 percent during 1-1.5 year after the West-led sanctions are lifted from the country. 

MA/