EghtesadOnline: Kish Island in the Persian Gulf will host a conference and exhibition on supporting domestic petrochemical industries and will focus on Persian Gulf Petrochemical Industries Company.
The Feb 16-18 event, also known as PGPIC Forum 2020, will provide a platform to interact, share ideas, present business opportunities and services and boost bilateral contacts to support and strengthen domestic production, the Oil Ministry news portal Shana reported.
Iran has significantly expanded its petrochemical industry and invested heavily in it in the past two decades. Petrochemical firms now supply most of the domestic needs, thanks to the diversity of products, and export in big volumes, according to Financial Tribune.
It has been forecast that the key petrochemical sector next year will generate $25 billion and $37 billion annually by 2025
It is here that a major role will be played by PGPIC, which is Iran’s largest petrochemical company.
Iran will invest $40 billion in the petrochemical sector to increase annual output from the current 66 million tons to 133 million tons in five years.
According to National Petrochemical Company, currently 350 types of petrochemicals are produced in Iran to help meet domestic and international demand.
Many countries buy Iranian petrochemicals, including neighboring states, China, India, Southeast Asia and Europe.
According to a new report by the Industrial Management Institute, petrochemical firms are among 100 top companies that account for 95% of Iran's total non-oil exports and PGPIC is among the top 5 on the list.
PGPIC is the biggest listed company in the Tehran Stock Exchange, accounting for over 11% of market capitalization of domestic stock market. It accounts for 37% of the total domestic petrochemical production.
It is also first among 500 Iranian firms in terms of profit making and the largest exporter with $2.7 billion in overseas sales in 2019.
Data released by ICIS, which is the world’s largest petrochemical market information provider, indicates that Iran’s leading petrochemical plant is improving despite being targeted by US sanctions.
Last June, the US Treasury Department announced new sanctions on Iran's petrochemical sector that hit PGPIC and 39 of its 60 subsidiaries and foreign agents.
PGPIC climbed three places to 35th position in the ICIS Top 100 Chemical Companies for 2019.
The ICIS Top 100 Chemical Companies is a ranking of the world’s largest chemical producers by sales. The listing includes both public and private companies, as well as additional metrics on operating profit, net income, capital expenditures, R&D spending, as well as total assets and number of employees.