TEHRAN- The National Petrochemical Company (NPC) plans to increase its nominal production capacity by three percent to reach 86 percent by the end of the current Iranian calendar year (March 20, 2018).

Ali-Mohammad Bossaqzadeh, the production control director of NPC, said the goal will be achieved through implementing new petrochemical projects in the country, Shana news reported on Monday.

Seven new petrochemical projects are planned to be implemented in the country by the end of the current calendar year, Bossaqzadeh had previously announced.

Also, NPC Managing Director Marziyeh Shahdaie has said that with all unfinished projects coming online the country’s petrochemical industry will witness a significant boost and annual production capacity is going to reach 72 million tons in this year.

The official put the country’s annual petrochemical production at 50 million tons in the past calendar year and said that 21 million tons of petrochemical products worth $9.4 billion were exported in the previous year.

NPC plans to export 23 million tons of petrochemical products, worth $11 billion, during the current calendar year.

Addressing the inaugural ceremony of the 13th edition of Iran Petrochemical Forum (IPF), which was held in Tehran on April 22 and 23, Oil Minister Bijan Namdar Zanganeh said that the future of Iran’s petrochemical industry is promising after the implementation of the nuclear deal (officially called Joint Comprehensive Plan of Action which lifted sanction against Iran in January 2016).

Given that Iran ranks the first and fourth in the world in terms of gas and oil reserves, respectively, no country enjoys feedstock as much as Iran to develop its petrochemical industry, the minister highlighted.

MA/MG