Friday, March 1, 2024

Iran’s petrochemical industry projected to grow 3 tons in production

The CEO of the National Iranian Company of Petrochemical Industries has predicted a substantial increase in the capacity of the sector.

Morteza Shahmirzaee said at a news briefing of the 14th International Conference of Iran’s Petrochemical Industry that the production capacity of Iran is currently 92 million tons and will increase by 3 tons by the end of this year to hit the 95 million ton milestone.

Shahmirzaee added that 10 new petrochemical projects will be launched this year as well, starting this month.

He noted that each month, one petrochemical project will be unveiled. The deputy oil minister pointed to the use of knowledge-based companies in the petrochemical industry, saying currently, 70 petrochemical factories account for the production of 550 types of polymer and chemical products.

Shahmirzaee said the petrochemical industry counts as a downstream industry of the oil sector and creating added value from upstream products of the oil industry is carried out by petrochemical factories.

He underlined that Iran must move from crude sales to value creation by converting crude and semi-crude products because the petrochemical industry serves as the driving force for other industries.

Shahmirzaee added that most of Iran’s oil and gas fields are in the second half of their life cycle and the maximum income model should replace maximum export of raw materials.
This, according to the deputy oil minister, will blunt the anti-Iran sanctions.

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