TEHRAN – Head of Iran’s National Petrochemical Company (NPC) said the country’s petrochemical production capacity is going to double by the end of Iranian calendar year of 1404 (March 2026), IRIB reported.

Speaking on the sidelines of a visit to Forouzan field’s flare gas recovery project in Kharg Island, Behzad Mohammadi said 27 petrochemical projects will be inaugurated by the end of the Iranian calendar year of 1400 (March 20, 2022) while another 26 are planned to go operational by 1404.

In early November, Mohammadi said that Iran’s petrochemical industry will be accounting for 6.2 percent of the total global petrochemical output by 2025.

According to the official, Iranian petrochemical industry is strongly moving forward despite the pressures that the U.S. sanctions have imposed on the industry.

The deputy oil minister furthered noted that there are currently 56 active petrochemical complexes across the country which receive 33 million tons of feedstock annually (equivalent to 650,000 barrels of crude oil per day). 

The NPC CEO further said that Iran’s annual petrochemical revenue had reached $17 billion from only $200,000 back in 1979, the year the Islamic Revolution became victorious. He also said the sector's revenues would cross 37 billion dollars per year by 2025. 

Back in October, Mohammadi had estimated that investment in the country’s petrochemical sector is going to increase by 75 percent by the end of Iranian calendar year 1404.

“So far, $53 billion has been invested in the country's petrochemical industry, and with the third leap in this sector, the number is going to increase to $93 billion by the [Iranian calendar] year of 1404, which means a 75-percent growth,” he said in a conference on oil and energy in Tehran.

In late September, Director of NPC’s Projects Ali-Mohammad Bosaqzadeh had said that Iran's annual petrochemical output is planned to reach more than 100 million tons by the Iranian calendar year of 1400 and to 130 million tons or nearly doubled by 1404.

EF/MA