TEHRAN- The managing director of Iran’s National Petrochemical Company (NPC) said that six major projects will be put into operation in this sector by the end of the current Iranian calendar year (March 20, 2022).

Behzad Mohammadi said that these projects are to materialize the second leap of petrochemical industry.

Last year, 17 petrochemical projects were put into operation, and out of the remaining 11 projects from the second leap basket of the petrochemical industry, six projects will become operational this year and five projects in the first half of next year, the official further announced.

He added that there are also 39 active projects in the third leap, which will be operational by the Iranian calendar year 1404 (begins on March 2026), and with their operation, the country’s petrochemical production capacity will reach 137 million tons and the revenues of the petrochemical industry will increase to $35 billion.

Stating that the revenue of the petrochemical industry last year was $15 billion, the NPC managing director said: "This year this figure will reach about $21 billion and by 1404 the revenue of this industry will reach $35 billion."

The petrochemical industry plays a crucial role in Iran’s non-oil economy, as the export of such products 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.

Facing the restrictions that the unjust U.S. sanctions brought about for the oil industry, its development has not been halted and, with a change in strategies, the Oil Ministry has been distancing itself from crude selling and is moving toward the production of products with more value-added.

One of the major areas for the realization of this goal has been the petrochemical industry, where a wide range of valuable products can be produced from Iran’s vast oil and gas resources.

MA/MA