TEHRAN - The head of Iran’s National Petrochemical Company (NPC) has hailed the petrochemical sector's exponential growth as a key achievement in the oil industry’s value chain, emphasizing its role in curbing crude sales.

Speaking to Shana, Hassan Abbaszadeh described the downstream expansion of the petrochemical industry over the past 46 years as the most significant accomplishment in the oil sector's value chain.

He noted that Iran's petrochemical production capacity has surged from around three million tons per year to approximately 96 million tons across various product groups.

Highlighting the significance of this progress, Abbaszadeh said: “With all due respect to other segments of the oil industry, petrochemicals represent the true embodiment of the value chain, preventing crude sales and creating added value. While the upstream sector has also seen notable developments, its growth is not comparable to that of petrochemicals.”

Despite past advancements, Abbaszadeh believes that insufficient attention has been given to completing the petrochemical value chain. “The next step is to move toward higher value-added products rather than semi-processed outputs,” he stated.

He further pointed out that under Iran’s Seventh Development Plan, the country's petrochemical capacity is set to rise to 131 million tons annually. “For the first time in a five-year development plan, specific targets have been set for completing value chains, marking a strategic shift in industry policy,” he added.

According to Abbaszadeh, the plan aims to complete four major value chains—methanol, propylene, ethylene, and aromatics. He affirmed that NPC’s annual programs are aligned with this objective, stressing that the company is fully committed to achieving the plan’s targets.

EF/MA