Iran to hold over 6% share of world’s petchem production by 2025

November 13, 2019 - 15:38

TEHRAN - Head of Iran’s National Petrochemicals Company (NPC) says by the Iranian calendar year of 1404 (starts in March 2025) Iran’s petrochemical industry will be accounting for 6.2 percent of the total global petrochemical output.

Speaking in a gathering of senior petrochemical executives in the northwestern city of Mashhad on Tuesday, Behzad Mohammadi put the country’s current share of global petrochemical production at nearly 3.6 percent, Shana reported.

According to Mohammadi, Iranian petrochemical industry is strongly moving forward despite the pressures that the U.S. sanctions have imposed on the industry.
The deputy oil minister furthered noted that there are currently 56 active petrochemical complexes across the country which receive 33 million tons of feedstock annually (equivalent to 650,000 barrels of crude oil per day). 

“By [the Iranian calendar year of] 1400 (starts in March 2021), the number of the petrochemical complexes will reach 83 and their feedstock consumption will increase to 62 million tons (equivalent to 1.4 million bpd).

Mohammadi also added that the number of operational plants in the country would climb to 109 by 2025 which would consume an equivalent of 1.7 million barrels per day of crude oil.

The NPC CEO further said that Iran’s annual petrochemical revenue had reached $17 billion from only $200,000 back in 1979, the year the Islamic Revolution became victorious. He also said the sector's revenues would cross 37 billion dollars per year by 2025. 

Back in October, Mohammadi had estimated that investment in the country’s petrochemical sector is going to increase by 75 percent by the end of Iranian calendar year 1404.

“So far, $53 billion has been invested in the country's petrochemical industry, and with the third leap in this sector, the number is going to increase to $93 billion by the [Iranian calendar] year of 1404, which means a 75-percent growth,” he said in a conference on oil and energy in Tehran.

In late September, Director of NPC’s Projects Ali-Mohammad Bosaqzadeh had said that Iran's annual petrochemical output is planned to reach more than 100 million tons by the Iranian calendar year of 1400 and to 130 million tons or nearly doubled by 1404.