Iran expects 8-12% rise in petrochemical production capacity

Iran expects 8-12% rise in its petrochemical production capacity in the next Iranian fiscal year, which starts on March 21, 2016.

Ali-Mohammad Bassaqzadeh, the production control director at Iran's National Petrochemical Company (NPC), said the country’s petrochemical output will exceed 47 million tons by the end of the current year, Shana news agency reported on December 9.

In fact, if the target is achieved, 95% of the NPC’s planned program will be realized, he added.

“Seven percent of the projected rise will be materialized through the exiting units and the rest by the units which are being constructed, such as Takht-e Jamshid, Entekhab, Kordestan, Shiraz, Pardis, Mahabad, and Lorestan.”

Under the current circumstances, under which the country is experiencing recession, and as the oil ministry’s main goal is to avoid selling crude oil, selling petrochemical products can significantly help the country emerge from recession, he explained.

Once 67 semi-finished petrochemical projects, which have progressed by 10-90%, are completed, the country’s annual petrochemical production will rise to 120 million tons. Moreover, implementing 36 new projects, which require $41 billion in investment, the capacity will surge to 180 million tons per year.