TEHRAN - Iran has earned $61 billion from exporting 120 million tons of petrochemical products during 2018-2022 amid growing sanctions, according to the deputy head of the Iranian Association of Petrochemical Industry Corporation (APIC).

Fariborz Karimaei, who made the announcement in the 32nd meeting of the managing directors of the country’s petrochemical companies on Monday, said around 40 million tons of petrochemicals were produced in the previous Iranian calendar year (ended on March 20), Shana reported.

Of the mentioned figure, 28 million tons were exported and 12 million tons were sold inside the country, he said, adding the annual revenues of the sector amounted to $27 billion.

According to Karimaei, more than 27 million tons of raw materials worth $26 billion and over 11 million tons of urea fertilizers valued at $3.2 billion were supplied to downstream and agricultural industries respectively by petrochemical complexes during the above-mentioned five-year period.

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

According to NPC Head Morteza Shahmirzaei, the company plans to increase its annual petrochemical production capacity to 200 million tons over the next 10 years.

In this regard, Iranian Oil Minister Javad Oji 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 over $12.5 billion was earned from the export of petrochemical products in the Iranian calendar year 1400 (ended on March 20, 2022).

EF/MA