TEHRAN- The value of Iran’s export of petrochemical products increased by 12.8 percent during the first five months of the current Iranian calendar year (March 20-August 21), as compared to the same period of time in the past year, the head of the Islamic Republic of Iran Customs Administration (IRICA) announced.

Mohammad Rezvanifar said that the country exported 24.5 million tons of petrochemicals worth $9.8 billion in the five-month period, indicating also 12.5 percent growth in terms of weight, year on year.

Head of Iran’s National Petrochemical Company (NPC) has said the country’s petrochemical output is estimated to reach 80 million tons in the current Iranian calendar year (ends in late March 2025).

Noting that one of the main objectives of the Oil Ministry in the current year has been the sustained supply of feed to petrochemical complexes, Morteza Shahmirzaei put the country’s petrochemical exports in the previous Iranian calendar year (ended on March 19) at 30 million tons.

Back in May, Ahmad Mahdavi Abhari, the director general of the Association of Petrochemical Industry Corporation (APIC), said Iran’s petrochemical output has increased by 15 million tons over the past two years.

Abhari put the country’s current petrochemical output at 82 million tons.

He said Iran’s petrochemical output stood at 67 million tons before late President Raisi took office in August 2021.

The official also noted that the Iranian petrochemical industry has created as many as 143,000 direct jobs in the mentioned period.

He put the current growth of Iran’s petrochemical industry at 40.6 percent up from 27.5 percent in the country’s third five-year development plan.

Earlier in April, Shahmirzaei said the company was planning to complete 13 new petrochemical projects by the end of the current Iranian calendar year to further increase the country’s petrochemical output.

“One of the strategies of the petrochemical industry in the year "production leap with people's participation" is to put 12 new petrochemical projects into operation by the end of [the current Iranian calendar]1403 and use all available capacities,” the official said.

He stated that the completion of 12 petrochemical projects by the end of this year will have a significant impact on the growth of production and economic development of the country.

The NPC head had previously put the country’s petrochemical production capacity at over 92 million tons, and said: “Today we are almost self-sufficient in the main petrochemical sectors including products and equipment.”

Iran's petrochemical industry accounts for 28 percent of the region's petrochemical capacity and 2.7 percent of the world's petrochemical capacity, he announced.

The petrochemical industry plays a crucial role in Iran’s non-oil economy, as petrochemical export is the second-largest source of revenue for the country after crude oil. Petrochemical exports already constitute nearly 33 percent of the country’s non-oil exports.

According to Shahmirzaei, the company plans to increase its annual petrochemical production capacity to 200 million tons over the next 10 years.

MA