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EghtesadOnline: Iran's petrochemicals output will increase 70% in two years and revenues from the sector will rise by 46% by 2021, managing director of the National Petrochemical Company said.

“Nominal capacity of the petrochemical industry is 64 million tons a year. This will reach 94 million tons within two years,” ISNA reported Behzad Mohammadi as saying.

However, since not all plants operate at full capacity due to periodic overhauls, the real output is less.

A total of 55 petrochemical companies across Iran annually produce 55 million tons of products for the domestic and international markets, Financial Tribune reported.

Most petrochemical plants are in Mahshahr in southwestern Khuzestan Province and Assalouyeh in the Persian Gulf, where water supply is less of a concern and proximity to international sea lanes makes transport and shipment cost effective.

The official said the plants receive 25.3 million tons of feedstock from oil and gas refineries per annum. 

Of the total output, local companies and industries purchase 30% and 70% is exported.

With the launch of more petrochemical plants and increasing the efficiency of older factories, “annual production will increase by 2021,” Mohammadi added.

The new projects in the industry (over 60 plants) will be completed within two years and cost $3 billion.

Bid Boland Gas Refinery in Khuzestan, urea and ammonia units of Lordegan Petrochemical Complex in Chaharmahal and Bakhtiari Province plus two olefin plants at Ilam Petrochemical Complex will be launched next year.

There are plans to raise output in Bandar Imam Petrochemical Complex and Shahid Tondgouyan Petrochemical Complex in Bandar Mahshahr, Takht-e-Jamshid Petrochemical Plant in Mahshahr Special Petrochemical Economic Zone in Khuzestan and Urmia Petrochemical Plant in West Azarbaijan Province.

Iran produces a large variety of petrochemicals (about 350 items), for which there is high international demand.

“We have 30 export destinations in Europe and Asia. There are several hundred customers worldwide for our products,” Mohammadi noted.

The petrochemical sector is Iran’s second most important industry after oil and gas. It has played a key role in economic growth as it creates value-added and reduces the sale of oil and gas on which the economy has been dependent for decades.

With abundant hydrocarbon resources and private sector investments, Iran is striving to maintain its global status in the key sector and broaden its scope.

 

Iran Petrochem Production petrochemicals output