TEHRAN – Managing Director of Iran’s National Petrochemical Company (NPC) Marzieh Shahdaie said Iran needs $20 billion of investment for completion of unfinished petrochemical projects across the country in 5 years, IRIB news agency reported on August 23.

“For the time being, there are 55 unfinished projects across the country, 15 of which will be completed and operational by the first half of the next Iranian calendar year of 1396 (will start on March 21, 2017),” Shahdaie said.

She also noted that a 10-year long program with 28 projects has been defined in NPC and considering the resources available these projects will be implemented within the next 10 years.

“For these projects to go operational, about $35 billion of investment is needed,” she added.

‘Petchem production up 6m tons’

According to Shahdaie, five petrochemical projects started operating in the current Iranian calendar year (began on March 21, 2016) and the country’s petrochemical production capacity has risen by 6 million tons.

“Iran has witnessed a 46 percent rise in petrochemical exports during the last three years and only the previous year the exports of petrochemicals increased by 10 percent to 19 million tons,” she said.

“With the new export-oriented complexes going operational, urea-ammonia, polyethylene, methanol and poly acetylene will be added to the country’s petrochemical export basket and the export level will grow higher of course,” she added.

EF/MA