Iran's Fanavaran produces record methanol output

28 Jul '14

2 min read

Iran-based Fanavaran Petrochemical Company has surpassed its own earlier record of monthly methanol production, FARS News Agency reported.

During the last month of the Iranian calendar year that ended on July 22, the company produced 87,810 tons of methanol, which is the highest in the last ten years.

The company is expected to break its previous annual record this year if there is sustainable gas supply during winter season.

According to the National Petrochemical Company, production of petrochemical industries increased by 6.5 percent during the first quarter of the current Iranian calendar year that started on March 21, 2014, over the corresponding period of last year, owing to increased efficiency and a decrease in work stoppage instances at petrochemical units.

During the three-month period, Iran’s petrochemical exports increased by six percent, compared to the corresponding period of last year.

In the last calendar year, Iran’s petrochemical exports increased by about one percent year-on-year to US$ 10.723 billion. Asian, African and Eastern European countries were the main buyers of Iran’s petrochemical products.

In the current Iranian calendar year, Iran’s petrochemical exports are likely to touch $12 billion.

Iran has the world’s largest natural gas reserves and the third-largest proven oil reserves. The country is now aiming to become the biggest petrochemical producer in the Middle East region, and it has significantly expanded the range and volume of its petrochemical production over the past few years.

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