TEHRAN – As announced by the head of Iran’s National Petrochemical Company (NPC), 15 petrochemical projects worth $6 billion will be put into operation in the country by the end of current Iranian calendar year (March 20, 2026).

Speaking in a press conference on Sunday, on the sidelines of the 29th Iran International Oil, Gas, Refining and Petrochemical Exhibition, Hassan Abbaszadeh said that these projects being operational, three first-produced products will be added to the basket of the country’s petrochemical products.

Pointing out that the current capacity of the petrochemical industry is around 97 million tons, he stated: “Last year, around 42 million tons of final petrochemical products, excluding inter-complex feedstock, worth $24 billion, were produced in the industry, of which 29 million tons worth $13 billion were exported and 13 million tons worth about $11 billion were sold domestically.”

As previously announced by the official, Iran’s annual export of the petrochemicals is anticipated to reach about 34.8 million tons in the current Iranian year.

Abbaszadeh also said that the country’s nominal production capacity of petrochemicals is expected to hit 105 million tons in this year.

He has emphasized the importance of institutionalizing unity and synergy across the sector to achieve sustainable development, noting that agile, dynamic organizations require efficient and skilled human resources to enhance productivity.

The deputy oil minister added that one of the key roles of development-oriented firms is to facilitate private sector investment in petrochemicals. He said the National Petrochemical Company stands ready to support investors in this regard.

He called on company managers to actively back the industry during the Year of "Investment for Production" by taking practical steps to address the challenges faced by petrochemical firms.

Highlighting the need to accelerate development projects through enhanced financing, Abbaszadeh said that collaboration with petrochemical holding companies could drive production growth this year.

He acknowledged last year's challenges in securing feedstock due to energy imbalances but expressed confidence that proper planning and measures could improve the sector’s performance in 2025.

Abbaszadeh also credited parliamentary and government support for motivating industry players to pursue expansion strategies and focus on completing the value chain as a key priority.

Production in the petrochemical sector increased in the last Iranian year, compared to the year before, despite energy imbalances and feedstock shortages, he said, noting that most petrochemical plants achieved their production targets.

The National Petrochemical Company’s head underscored the need to attract new investments and boost production in line with this year’s national motto.

Abbaszadeh reiterated the company’s readiness to facilitate private investment and stressed the importance of management’s support for the industry in tackling structural challenges.

He said the completion and operation of development projects could be accelerated through improved financial flows, and added that despite last year’s feedstock-related difficulties, coordinated efforts this year could drive better results in the high-value petrochemical sector.

The official concluded that strong backing from the Iranian parliament and government has empowered the industry to move forward with determination, focusing on value chain completion as a strategic imperative.

MA