TEHRAN – Iranian oil ministry plans to complete 20 prioritized petrochemical projects across the country by the end of the Iranian calendar year of 1400 (March 2022), IRIB reported quoting the head of National Petrochemical Company (NPC).

According to Behzad Mohammadi, of the mentioned projects, three will be inaugurated by the end of the current Iranian calendar year (March 19, 2020).

The official noted that currently there are 64 petrochemical projects underway across the country with physical progresses between 20 and 99 percent.

“With the completion of the underway projects, the country’s petrochemical output will reach 92 million tons in the Iranian calendar year of 1400 and the industry’s revenues will hit $25 billion,” Mohammadi said.

He further noted that six of the above mentioned projects are feedstock supply projects and with these projects completed, the industry’s feedstock capacity is going to increase by 15 million tons.

According to the official, some $8.3 billion has been invested in these six projects which are going to create several projects in the industry’s downstream sector.

The official put the country’s current petrochemicals output at 55.5 million tons, of which 21 million tons is being exported to 30 different destinations across the globe.

According to the NPC managing director, the value of Iran’s petrochemical exports stands at $17.1 billion.

Earlier in May, Mohammadi had said that Iran’s petrochemical industry is not like oil and it is practically unsanctionable.

“For oil the ways of selling and the costumers are specific and limited but that is not the case with petrochemicals. There are hundreds of holdings which are eager for buying our diverse petrochemical products”, the official told the Tehran Times in a press conference on the sidelines of the 24th Iran International, Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2019).

“However, we are holding meetings with our customers to explore various aspects of possible impacts of the U.S. sanctions on our trade", he added.

Petrochemical industry is one of the most important pillars of Iran’s economy and one of the main suppliers of foreign currency especially euro for the country.

EF/MA