Iran Eyes $23b Investment in Petrochemical Projects
Iran Eyes $23b Investment in Petrochemical Projects
TEHRAN – Deputy Oil Minister on petrochemical affairs and the CEO of Iran’s National Petrochemical Company (NPC) says the investment in the third leap projects in the petrochemical industry is around $23b, adding that the total value of investment in the projects which are underway in petrochemical industry stands at $40b.

Speaking at a press conference, Behzad Mohammadi pointed to the significance of petrochemical industry in the national economy, adding that the industry is itself an economic establishment in the country whose role is getting more colorful by exploiting new projects.


He pointed to the second leap in the petrochemical industry which was launched in 2013, adding that by planning and exploiting the new projects in the second leap, the production capacity in the industry will hit 100m tons by 2020 and the current revenues of $17b from the petrochemical products would reach $25b.

Mohammadi went on to say that 27 petrochemical projects will come on stream by 2020, adding that some petrochemical projects like Kaveh Methanol, Olefin of Ilam, Bushehr Methanol and Takht Jamshid VPR will be inaugurated this year.

He termed the next year as a busy year for petrochemical industry, adding that 16 projects in next year and 1400 projects the year after will come on stream in the petrochemical industry. He noted that by materializing the second leap in the petrochemical industry, the number of the petrochemical complexes in the country will increase from 56 to 83 complexes.

He added that the third leap in petrochemical industry would be carried out between 2020 and 2024, adding that by implementing the projects and exploiting the complexes, the annual production capacity of the industry will reach 133m tons while the value of total petrochemical production will reach $37b by end of 2024.

Mohammadi added that the volume of investment in the second leap was $17b and the value of the projects in the third leap is $23b. He noted that the volume of the underway investments in the petrochemical industry is $40b and $13b of the total amount has been financed by domestic and foreign sources.

He added that for accomplishing the projects in the second leap by the end of 2020, the country needs investment worth $5b.

Mohammadi also pointed to 13th IRAN PLAST International Exhibition of Plastics, Rubber, Machinery and Equipment which will be held at Tehran International Permanent Fairground on September 22-25, adding that 570 local and 35 foreign companies are to attend the exhibition. He went on to say that 12 delegations from 10 countries will be present in the exhibition.

He added that the exhibition is a center for deepening the relation between producers and enterprises in the business, noting that about 850,000 people are working in 15,000 active enterprises of the downstream petrochemicals industries.

Mohammadi also said that ECO PLAST Conference will be held on the sidelines of IRAN PLAST, noting that oil and energy ministers from Central Asian and neighboring states have been invited to the event.