Iran Petchems Revenues to Hit $34b in 5 Years
Iran Petchems Revenues to Hit $34b in 5 Years
Head of Iran's National Petrochemical Company (NPC) in a press conference yesterday said that Iran’s petrochemical production capacity will be increased to 130m tons by 2025 and the revenues of this industry will hit $34b.

Iran Petchems Revenues to Hit $34b in 5 Years

IRAN NEWS ECONOMIC DESK

TEHRAN – Head of Iran’s National Petrochemical Company (NPC) in a press conference yesterday said that Iran’s petrochemical production capacity will be increased to 130m tons by 2025 and the revenues of this industry will hit $34b.

Speaking in a press conference, Mr. Behzad Mohammadi said that the outbreak of the Coronavirus has led to drastic changes in the economies worldwide, adding that according to the IMF report, global economy will shrink by 3 percent and Iran’s economy is not an exception, either.

He said in Iran, petrochemical products play key role in earning forex for the country and it is actually the number one source of forex earning for the country.

Mohammadi further said that last year the price of petrochemical products dropped and the products of the upstream chain suffered the most and for this reason, the company should move towards completing and developing the chain of production.

He said the oil ministry’s efforts are to have comprehensive, smart and wise development in the petrochemical industry. He further said the country has good output in exports of petrochemical products.

On the condition and performance of the petrochemical industry last year, Mohammadi said that the industry received 35m tons of feedstock which equaled to 800,000 barrels of oil crude and due to the rise in the number of projects in next year, the amount of oil and gas consumption will reach 1.5m barrels of crude.

He further said that the country is currently producing 339 polymeric and 42 chemical products and out of 66m tons of production capacity, only 31m tons of saleable products are produced and 23m tons of it is exported and 8m tons are used domestically.

Mohammadi note that 23m tons of exported petrochemical products earned the country $10b and the industry earned some$5b through its domestic sales and the total revenue stood at $15.9b last year.

He said the petrochemical industry provides the downstream industries with 8m tons of products, adding that some 15,000 enterprises are active in this industry and 80,000 people are directly working in the industry and totally 980,000 people are involved in the industry.

He then pointed to the long and mid-term developmental plans in the petrochemical industry for achieving the second and third leaps, saying that those goals are carried out for operationalizing 27 projects and the production capacity will increase from 66m tons to 100m tons by March 2021 and the target set in the Six Development Plan will be materialized and the earning of the industry will jump from $15b to $25b.

Mohammadi reiterated that in the third leap till 2025, 27 projects will be added to the current ones and the production capacity will reach 130m tons and the revenues of the industry will touch $34b.