TEHRAN- The value of Iran’s annual petrochemical export is expected to reach $14 billion in the current Iranian calendar year (ends on March 20), the managing director of National Petrochemical Company (NPC) announced on Tuesday.

Making the remarks in a press conference on the sidelines of Iran’s 15th International Exhibition of Plastic, Rubber, Machinery, and Equipment (IRAN PLAST), Morteza Shah-Mirzaei said that the production by 68 petrochemical complexes active in the country is expected to hit 65 million tons by the yearend, of which 30 million tons is more than the domestic need and will be exported to the global markets.

The official further put the nominal capacity of the country’s petrochemical sector at over 140 million tons per year and said the figure is expected to reach 105 million tons by the next Iranian year.

Technical knowledge for domestic production achieved

Elsewhere in his remarks, the NPC managing director highlighted Iran’s noticeable success in achieving the technical knowledge and technology for the domestic production of parts and equipment as well as products required in the petrochemical sector and said, “Through achieving this knowledge for the domestic production, the process of offering required products will be accelerated”.

NPC is currently cooperating with knowledge-based companies and research institutions in this regard, he said, adding, “For example the company is moving toward domestic production of all required catalysts.”

Although he said that for those plans that should be implemented rapidly the NPC is currently importing some items.

“We imported $1.8 billion of petrochemical products required in different industries in the past year, the figure for this year is $1.5 billion; this decreasing trend and also the projects underway indicate that the imports will be zero by the next four-five years”, the official further stated.

 Completing chain of value on agenda

Elsewhere in his remarks, Shah-Mirzaei mentioned the current government’s focus on domestic production and also the oil minister’s emphasis on completing the value chain and said the NPC has many plans to this end.

“We have many suggestions in this due. We have also prepared many incentives for the plans on completing the value chain of products and complementary industries, so that they will reach the desired result sooner”, the deputy oil minister stressed.

Events such as Iran Plast are some good opportunities in this regard, as they lay the ground for matching the technology centers and knowledge-based companies with the production units in line with materializing the value chain objectives, the official further underscored.

Iran’s 15th International Exhibition of Plastic, Rubber, Machinery, and Equipment (IRAN PLAST) kicked off at the Tehran Permanent International Fairground on Monday and will wrap up on Thursday.

The opening ceremony was attended by senior officials including Oil Minister Javad Oji, NPC Managing Director Morteza Shah-Mirzaei, as well as some parliament members, and ambassadors of various countries in Tehran.

As reported, more than 430 domestic and foreign companies from various countries including China, Taiwan, and Italy are participating in this four-day exhibition.

The exhibition which is held in full compliance with health and safety protocols covers four major areas including raw materials, machinery and equipment, final and semi-finished products as well as services.