Iran set to inaugurate eight petrochem projects this year

07 May '13

2 min read

Eight of the 31 petrochemical development projects identified by the Iranian Government are set to go online in Iran during the current Iranian calendar year that began on March 21, 2013.

A sum of US$ 5.6 billion plus an additional 56 trillion rials was set aside for the 31 projects with a total rated capacity of 13 million tons, FARS News Agency reported, quoting Iranian Deputy Oil Minister for Petrochemical Affairs Abdolhossein Bayat.

Seventeen of these 31 projects were brought online during last calendar year, resulting in an increase in the country’s nominal petrochemical capacity by over eight million tons, Mr. Bayat, who is also the Managing-Director of the National Petrochemical Company (NPC), said.

The remaining 14 projects, with a proposed capacity of 4.837 million tons, would boost Iran’s overall petrochemical capacity to 60 million tons, he said.

Another 21 petrochemical projects worth US$ 13 billion have also been identified, Mr. Bayat said, and added that around US$ 6 billion would be earmarked for these projects by Iran’s National Development Fund (NDF).

Iran produced 41 million tons of petrochemicals during last calendar year that ended on March 20, 2013, and the country looks forward to boost its overall petrochemical capacity to 100 million tons by 2015.

Around 15.6 million tons of last year’s total produce, which was shipped to around 60 countries including South and South-east Asian countries, fetched about US$ 12 billion, Mr. Bayat said.

He added that India, Far East, China, Middle East, Europe and Africa are the key export destinations for Iranian petrochemical industry.

Moreover, Iran is planning to soon set up three new petrochemical hubs, which would make it the largest petrochemical producer in the Middle East, Mr. Bayat said.

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