Iran (IMNA) - In this period, 50.7 million tons of petrochemicals were exported, generating revenues of $19.7 billion, which also reflects a 33.25 percent growth in weight compared to the previous year.
Hassan Abbaszadeh, head of Iran’s National Petrochemical Company (NPC), emphasized the strategic importance of the petrochemical industry in enhancing Iran's position in the global economy. In a message marking National Petrochemical Industry Day on December 8, he stated, “Today, this industry is not only the supplier of an important part of the domestic needs of the country, but with its powerful presence in the world markets, it plays a vital role in maintaining and improving Iran's position in the international economy.”
Looking ahead, Iran plans to boost its petrochemical production capacity by 8 percent, aiming for 130 million tons as outlined in its seventh National Development Plan (2022-2027). The country is set to invest over $40 billion in this sector under its eighth National Development Plan to further expand production and complete the value chain.
Currently, Iran holds 2.8 percent of the global petrochemical capacity and approximately 28 percent within its region. By the end of the current Iranian year (late March 2025), production capacity is projected to reach 103 million tons, with an additional 35 million tons expected from about 60 new projects slated for completion by 2027.
Abbaszadeh has also highlighted the necessity for balanced and sustained development across all sectors of the petrochemical industry. He called for a serious pursuit of developing complementary industries, which not only promises job creation but also enhances added value.
In a related development, Ahmad Mahdavi, Secretary-General of the Iranian Petrochemical Employers’ Association, announced that new investments in natural gas production could elevate foreign currency revenues from the petrochemical sector to over $25 billion. Ten agreements totaling $8 billion have been signed to rectify gas supply imbalances and boost daily production by 200 million cubic meters. These initiatives are expected to significantly enhance foreign currency income from petrochemicals, positioning them as a key pillar of Iran's economy.
Mahdavi urged government officials to expedite licensing processes to facilitate investments in this crucial sector, asserting that these measures could effectively address gas supply shortages while promoting industrial growth.
Your Comment