TEHRAN – The caretaker of Iran’s National Petrochemical Company (NPC) has said that the petrochemical industry will grow by eight percent annually during the seventh National Development Plan (2022-2027), in line with the orders of the Leader of the Islamic Revolution for achieving an eight percent economic growth in the country.

Hassan Abbaszadeh put the country’s current petrochemical production capacity at 100 million tons, noting that with the mentioned growth, the country’s petrochemical capacity is expected to exceed 130 million tons by 2027, Shana reported.

The former head of National Petrochemical Company has said the country’s petrochemical output is estimated to reach 80 million tons in the current Iranian calendar year (ends in late March 2025).

Noting that one of the main objectives of the Oil Ministry in the current year has been the sustained supply of feed to petrochemical complexes, Morteza Shahmirzaei put the country’s petrochemical exports in the previous Iranian calendar year (ended on March 19) at 30 million tons.

He announced last month that the NPC is going to launch 15 new petrochemical projects by the end of the current Iranian calendar year.

Shahmirzaei made the remarks on the sidelines of the 18th International Exhibition of Plastic, Rubber, Machinery, and Equipment (IRAN PLAST 2024), adding that five major petrochemical projects have gone operational since the beginning of the current year.

“The implementation of petrochemical projects in Makran region has accelerated and it is hoped that one of them will come online this year,” the official said.

He went on to say that Iran’s petrochemical sector will reach self-sufficiency regarding the items and equipment needed in the industry within the next five years.

According to the official, the capacity of Iran’s petrochemical industry which currently stands at 96 million tons will surpass 100 million tons when the projects come on stream.

Earlier in May, Ahmad Mahdavi Abhari, the director general of the Association of Petrochemical Industry Corporation (APIC), said Iran’s petrochemical output has increased by 15 million tons over the past two years.

Abhari put the country’s current petrochemical output at 82 million tons.

He said Iran’s petrochemical output stood at 67 million tons before late President Raisi took office in August 2021.

The official also noted that the Iranian petrochemical industry has created as many as 143,000 direct jobs in the mentioned period.

He put the current growth of Iran’s petrochemical industry at 40.6 percent up from 27.5 percent in the country’s third five-year development plan.

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.

EF/MA