Annual petchem production capacity expected to reach 100m tons by March 2023

January 16, 2022 - 14:16

TEHRAN- Iran’s annual petrochemical production capacity is predicted to reach 100 million tons by the end of the next Iranian calendar year (March 20, 2023), the managing director of National petrochemical Company (NPC) announced.

Morteza Shahmirzaei said that 68 production complexes with the annual nominal capacity of about 90 million tons are currently active in the country, and regarding the planning the figure is forecast to reach 100 million tons by the end of the next year.

Iran's petrochemical industry has a clear vision and promising outlook for its development, the NPC managing director further stressed.

Petrochemical production has risen eight percent in Iran during the first six months of the current Iranian calendar year (March 21-September 22, 2021), compared to the same period of time in the past year, according to an official with the NPC.

Jalal Mir-Hashemi, the NPC’s director for the production control, put the six-month petrochemical output at 32.8 million tons, and highlighted that the petrochemical plants operated with a good capacity during this period, Shana reported.

According to the official, considering the country’s current needs for the production of healthcare products like face masks, the petrochemical industry is continuing to increase output to supply feed in such areas.

With the measures taken and the sustainable supply of feed in the current year, the production of various products in petrochemical complexes has increased and while meeting the needs of domestic markets, the export programs have also been realized, Mir-Hashemi noted.

Emphasizing that Iran's petrochemical industry is one of the most important pillars of the country's development and the driving force of the economy, he said: “The main approach of the National Petrochemical Company is to complete the production chain, diversify the products, provide feedstock for domestic industries and increase the added value of the products in this industry.”

Mir-Hashemi stated that according to the plans made, the growth and leap of production of Iran's petrochemical industry is on the agenda, adding: "All conditions and infrastructure have been provided to achieve a leap in production in the Iranian petrochemical industry in the current year; with the measures taken this year, the idle production capacities of some existing complexes will also be revived.”

The petrochemical industry plays a crucial role in Iran’s non-oil economy, as the petrochemical export is the second-largest source of revenue for the country after crude oil. Petrochemical exports already constitute nearly 33 percent of the country’s non-oil exports.