TEHRAN – Managing Director of Petrochemical Special Economic Zone (PETZONE) in southwestern Iran has said this zone is pushing to prevent crude oil sales to increase added-value of oil products, IRNA reported.

Speaking in a ceremony on the occasion of the National Petrochemical Industry Day on Thursday, Omid Shahidi-Nia said: “Reducing crude oil sales is one of the country's serious policies, and the organization (PETZONE) is taking the necessary measures to participate in creating a value-added chain in the country's oil sector.”

Creating added value in hydrocarbon resources and reducing crude sales is a serious concern, and with the flourishing of the petrochemical industry this goal is getting closer to being realized, Shahidi-Nia added.

He put the feedstock consumed by the petrochemical industry at about 1.2 million barrels of crude oil equivalent, saying that the figure is projected to reach approximately two million by the Iranian calendar year 1404 (begins in March 2025).

The official further stated that one of the ways for the development of the petrochemical industry is financing projects through cooperation and interaction with banks, saying: “In this regard, Tejarat Bank has had significant cooperation with the Petrochemical Special Economic Zone Organization.”

Expanding over 2,850 hectares of land, Petrochemical Special Economic Zone is located on the northern coast of the Persian Gulf in the city of Mahshahr, Imam Khomeini Port, southwest of Iran.

Due to its natural and geographical location, as well as the legal facilities that it offers, this Zone has been created to further develop the industry and trade of petrochemicals. By attracting new technologies and generating employment opportunities, the Zone also provides economic and social benefits.

From the geographical point of view, the Zone has access to the international waters through Imam Khomeini Port and Khor Mosa Bay. It's also connected to Turkey and Central Asian countries via the national railway network.

This region, which is a part of Khuzestan province, plays a strategic role in Iran's oil and gas industry. Access to oil and gas resources further facilitates the supply of raw materials and feed to industrial units in the Zone.

EF/MA