TEHRAN – The managing director of Iran’s National Petrochemical Company (NPC) said over the next 10 years the country’s annual petrochemical production capacity will reach 200 million tons which will bring the country $180 billion in revenues every year, Shana reported on Thursday.

Speaking in a TV program on the occasion of National Petrochemical Industry Day, Morteza Shahmirzaei said Iran is one of the world's richest countries in terms of hydrocarbon reserves and this is an advantage for the country’s petrochemical industry.

“For the growth of an industry, in addition to expert human resources, feed is also one of the most important factors, and Iran benefits from huge oil and gas reserves,” Shahmirzaei said.

“For many years, the petrochemical industry can use these oil and gas reserves as feed and fuel, for which very good plans have been made, and I invite all experts, researchers, and investors to invest in Iran's oil and gas industry,” the official added.

Petchem projects worth $70b to be implemented across Iran

Iranian Oil Minister Javad Oji has also said that more than 100 petrochemical projects with a total investment of about $70 billion have been defined and will be implemented across the country.

Oji noted that the country will also be completely self-sufficient in producing the catalysts used in the petrochemical industry by the end of the current government administration's incumbency (August 2025).

He put the country’s current petrochemical production capacity at 90 to 95 million tons, saying that $10.5 billion worth of petrochemical products have been exported in the first nine months of the current Iranian calendar year (March 21-December 21).

According to Oji, over $12.5 billion was earned from the export of petrochemical products in the previous year.

EF/MA