TEHRAN- The director for planning and development in Iran’s National Petrochemical Company (NPC) said that the value chain projects in the petrochemical industry have been specified and introduced to the National Development Fund (NDF) for financing.

About the agreements in principle issued for the value chain projects of the petrochemical industry, Hassan Abbaszadeh said the value chain projects have been introduced to the petrochemical holdings, except for a few projects.

The NPC managing director has said that completing the value chain is not a motto, while it is a top agenda of the NPC’s activities, it is a program and a duty.

Referring to the rapid development of the petrochemical industry from basic products to the end of the value chain in the 13th government, Morteza Shahmirzaei reiterated: "Completing the value chain of the petrochemical industry is not a slogan; As an inviolable strategy, it is a task, plan and duty that my colleagues are following up with all their efforts.”

The official further said: “Today we are almost self-sufficient in the main petrochemical sectors including products and equipment.”

Iran's petrochemical industry accounts for 28 percent of the region's petrochemical capacity and 2.7 percent of the world's petrochemical capacity, the NPC head announced.

He pointed to the development of energy diplomacy in the 13th government and said the activity program in offshore petrochemical industries is being followed seriously and good successes have been achieved in this regard. With the expansion of relations with neighboring and aligned countries, other countries have demanded the supply of catalysts, equipment and machinery from Iran.

In mid-May, the official said that over 97 petrochemical facilities are operating across Iran.

He referred to the growth in Iran’s petrochemical industry, adding that there were only 6 petrochemical complexes in the country when the 1979 Islamic Revolution toppled former Shah and the Islamic Republic was founded 45 years ago.

Noting that the country produces some 550 different types of petrochemical products, he said that each one of these products helps the development of a part of the Iranian industry.

He expected that Iran’s petrochemical output will reach 100 million metric tons (mt) by the end of the current calendar year to March 2025.

Shahmirzaei had earlier said NPC is planning to complete 13 new petrochemical projects by the end of the current Iranian calendar year (late March 2025).

“One of the strategies of the petrochemical industry in the year "production leap with people's participation" is to put 12 new petrochemical projects into operation by the end of [the current Iranian calendar]1403 and use all available capacities,” the official said.

He stated that the completion of 12 petrochemical projects by the end of this year will have a significant impact on the growth of production and economic development of the country.

The NPC head had previously put the country’s petrochemical production capacity at over 92 million tons, and said: “Today we are almost self-sufficient in the main petrochemical sectors including products and equipment.”

Iran's petrochemical industry accounts for 28 percent of the region's petrochemical capacity and 2.7 percent of the world's petrochemical capacity, he announced.

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

MA