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EghtesadOnline: Nouri Petrochemical Company in southern Bushehr Province produced over 4.7 million tons of petrochemicals in fiscal 2016-17, its biggest output volume in the past 10 years.

According to Shana, the company's petrochemical output last year, which ended on March 20, exceeded its nominal production capacity of 4.5 million tons, Bloomberg reported.

Based on the company’s website, Nouri is one of the world’s largest production plants for aromatics. It is a subsidiary of the Persian Gulf Petrochemical Industries Co., the biggest consortium of Iranian petrochemical producers.

Nouri plant was launched w in 2007 at a cost of $240 million, according to Financial Tribune.

In the previous fiscal, the company sold about 1.8 million tons of its total output to domestic customers, earning $910 million in revenues, and exported some 2.9 million tons, worth $1.49 billion.

The plant's output, which includes paraxylene, orthoxaylene and raffinate, are mainly shipped to the Persian Gulf Arab countries as well India, China and South Korea.

Marzieh Shahdaei, head of the National Petrochemical Company, said last week that completion of major petrochemical projects will raise Iran’s nominal production capacity to 72 million tons a year by the end of the current fiscal.

Actual output was slightly above 50 million tons in the last fiscal.

“Upon the launch of new petrochemical projects this year, output is expected to reach 59 million tons, which will indicate an 18% rise compared to the previous year,” Shahdaei noted.

According to the official, of the total projected output, 33 million tons, worth $11 billion, are planned for export.

The removal of international sanctions last year has paved the ground for raising petrochemical shipments, particularly to Europe.

Tehran says it aims to boost production capacity to 120 million tons a year by the end of its sixth five-year economic development plan (2017-22) by attracting more than $70 billion in new investments, largely from foreign sources.

Iran Petrochem Industry Nouri Petrochem