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Iran’s petrochemical revenues to reach $50 billion by 2027

The U.S. sanctioning Iran’s oil exports has encouraged more development of the petrochemical industry to boost exports from this sector. Domestic equipment, licenses and technological knowledge have been used in most of the underway and completed projects in this industry

Iran’s petrochemical revenues to reach $50 billion by 2027

Teheran, August 11 - Neftegaz.RU. Iran’s National Petrochemical Company (NPC) is planning the 4th leap of the petrochemical industry, based on which the country’s petrochemical revenues are expected to reach $50 billion by 2027, according to NPO Managing Director Behzad Mohammadi.
Shana quoted Mohammadi:
  • By completing the projects defined in the 2nd and 3rd leaps, and the implementation of strategic projects defined in the 4th step of the smart development of the petrochemical industry, achieving a goal of generating $50 billion of revenue can be realized in the horizon of 2027
For the 4th leap, a total of 47 new projects have been defined and classified into 3sections:
  • combined feed projects
  • new propylene production projects
  • pioneering projects
Mohammadi mentioned the increasing demand for feedstock in the industry saying:
  • We received about 40 million tons of feed equivalent to 1 million barrels of crude oil per day worth $6 billion from the oil industry in the previous year, which was consumed in 67 petrochemical complexes
Mohammadi noted that despite the restrictions caused by the pandemic in the previous year, the development goals of the petrochemical industry were completely achieved, saying:
  • Last year, 25 million tons were added to the country's petrochemical production capacity and 34 million tons of final products were produced, which generated $15 billion in revenue
According to the NPC head, there are currently 50 petrochemical projects underway across the country that will be operational by the end of 2025 and increase the annual production capacity of petrochemical products to 135 million tons.

The petrochemical industry plays a crucial role in Iran’s non-oil economy, as the export of such products is the 2nd-largest source of revenue for the country after crude oil.
Petrochemical exports already constitute nearly 33% of the country’s non-oil exports.

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