Iran eyes 41% share in ME petrochem output by 2020

11 Jun '13

2 min read

Iran’s contribution to the Middle East’s petrochemical output is expected to grow to about 41 percent by end of the sixth Five-Year Development Plan in 2020, according to an official of the National Petrochemical Company (NPC).

Iran’s petrochemical output is set to grow by 55 million tons by 2020, which would make the country one of the leading most petrochemical producer in the region, FARS News Agency reported quoting NPC managing director Abdolhosain Bayat.

Highlighting NPC’s targets for the five-year development plan, he noted that by 2015, the firm’s nominal petrochemical production capacity would grow to 100 million tons, while product diversification, upgradation and boosting its presence in local as well as overseas markets are some other top priorities for the company.

NPC plans to set up 33 new petrochemical plants during the sixth five-year plan period, Mr. Bayat said and added that the company aims to establish itself as the biggest manufacturer of petrochemical products in the Middle East by 2025.

Given their know-how and the determination of the Iranian experts to achieve the goal, the target seems to be quite feasible, he added.

Pointing at privatization of 25 petrochemical plants in past few years, the NPC chief in his earlier statement said that privatization has rationalized the sector’s functioning. Also, he noted that the process of privatization is still on with the process of establishment of Persian Gulf Holding, incorporating 15 petrochemical plants, being underway.

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