TEHRAN – Iran’s petrochemical industry has invested more than $95 billion to date in the sector, with a further $24 billion in new investment planned under the country’s seventh National Development Plan, the head of the National Petrochemical Company (NPC) said on Sunday.

Hassan Abbaszadeh said the investments align with government targets and the development plan, adding that projects worth $18 billion to $20 billion were under way, some in cooperation with the private sector, to improve energy efficiency and manage consumption.

Speaking at a ceremony to sign cooperation agreements on gas consumption management and energy optimisation, Abbaszadeh praised the role of the private sector and the petrochemical employers’ association, describing it as a key pillar supporting large-scale projects.

He said the petrochemical sector, which plays a strategic role in job creation, foreign currency earnings and economic stability, has the capacity to use around 1.5 billion cubic feet of gas per day to generate value-added products and support sustainable production.

Abbaszadeh said talks with the central bank had resulted in incentives for companies investing in energy efficiency and productive capacity. Firms investing in reducing gas consumption, particularly in the household sector, would be allowed to convert the equivalent volume of saved gas into exportable products, helping address energy imbalances while boosting export revenues.

He said petrochemical companies were also advancing plans to develop around 2,500 megawatts of renewable power capacity, with about 1,000 megawatts expected to come on stream by the end of the current year, easing electricity supply pressures.

Abbaszadeh stressed the importance of public trust and social participation, noting that many Iranians are indirect stakeholders in the industry through pension funds. He said cooperation among companies, educational institutions, universities, civil society groups and the public was essential to cutting non-productive gas consumption by the end of the seventh development plan.

At the end of the ceremony, cooperation agreements were signed between the NPC and Pardis, Khorasan and Zagros petrochemical companies, along with several government bodies and universities.

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