New petrochem projects to increase Iran's revenues by $2bn

29 May '13

2 min read

The five new petrochemical projects that started operations since start of the current Iranian calendar year on March 21, 2013, are expected to boost the country’s petrochemical revenues by US$ 2 billion, National Petrochemical Company's Managing Director Abdolhosain Bayat has said.

Speaking on the sidelines of inaugural ceremony of a hydrogenation unit at Tabriz petrochemical plant, Mr. Bayat said the five projects launched at a cost of 8,721 billion rials have enhanced the country’s nominal petrochemical production capacity by 2.73 million tons per annum, FARS News Agency reported.

The country has launched 51 petrochemical projects since 2005 at a cost of US$ 22 billion, Mr. Bayat said and added that these projects have enhanced its annual petrochemical production capacity by 38 million tons.

Over the past few years, Iran has significantly widened the range as well as volume of its petrochemical products, and the country now exports its products to over 60 countries, with the Far East, Southeast Asia, Africa and Central Asia being its key export destinations.

If all financial requirements of the country’s petrochemical sector are satisfied, its annual production capacity is likely to reach 100 million tons in 2015 from the existing 60 million tons, Mr. Bayat, who is also the Deputy Oil Minister of Iran, said.

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