TEHRAN (Iran News) –The CEO of Iran Social Security Investment Company (SSIC), also known by its Persian acronym SHASTA, announced a 50 billion dollar trade in the country’s petrochemical industry in the last five years.
Referring to the value creation of the petrochemical industry in the country’s economy, Ebrahim Bazian, the CEO of SSIC, at the 14th International Iran Petrochemical Forum (IPF) in Tehran, said that the industry aided Iran’s economy at the height of the sanctions.
Bazian stated: “Today the maximum capacity of Iran’s petrochemical industry has reached 92 million tons, which is expected to reach 95 million tons by the end of the current year.”
“This capacity can be increased to one and a half to two times in a middle perspective in order to bring about a balanced development in the upstream, midstream, and downstream sectors,” Bazian added.
Despite imposed sanctions on Iran’s industry, the localization of equipment has always been a concern of Iran’s oil industry, and 44 years after Iran’s Islamic Revolution, this sector, making a significant trend in exporting these products, has reached 85% self-sufficiency in manufacturing equipment needed by the oil, gas, and petrochemical industry.
Meanwhile on Monday, the document on the development and completion of the value chain of the petrochemical industry was unveiled in the presence of Iranian Oil Minister Javad Oji and National Petrochemical Company (NPC) Managing Director Morteza Shahmirzaei.
The document was unveiled on Monday evening on the sidelines of the 14th Iran Petrochemical Forum (IPF).
As reported, all petrochemical companies and holdings should adjust their development plans in line with this document.
According to the NPC officials, if necessary, the document on the development and completion of the value chain of the petrochemical industry will be updated with the coordination of the NPC. In this way, according to the information in this document, investors can invest in Iran’s petrochemical sector with more confidence.
The 14th Iran Petrochemical Forum (IPF) kicked off at IRIB International Conference Center (IICC) in Tehran on Monday.
Focusing on “Value Chain, New Opportunities”, the two-day forum revolves around eight topics, including: “Feedstock, products and supply chain”, “Solutions and advanced optimization technologies”, “Integration and coordination between petrochemical and refining complexes”, “Production process and market”, “Methanol market and its roles”, “Global energy crisis and future of the petrochemical industry”, “Investment and financial supply opportunities”, and “Energy optimization and production without pollution”.
As stated by the managing director of National Petrochemical Company (NPC), “Our today’s important objective of completing the production chain in the country’s petrochemical sector highlights the significance of holding this conference”,
Morteza Shahmirzaei has expressed hope that IPF can pave the way to achieve all strategic petrochemical products in the world.
As reported, 15 countries, including the members of the BRICS countries (five leading economies: Brazil, Russia, India, China, and South Africa) as well as some European countries, are participating in IPF, which is a famous scientific conference in the world, and the latest products and achievements of the petrochemical industry are being presented and introduced in the two-day event.
