Iran Eyes 3rd Petchem Leap with $23bln Investment

(Monday, September 16, 2019) 15:48

TEHRAN (NIPNA) -- Iran is preparing to materialize the 3rd leap in its petrochemical industry which would require $23 billion in investment.

Addressing a press conference on Monday, Behzad Mohammadi, the deputy petroleum minister for petrochemical affairs, said that Iran was developing projects with $40 billion of investment in the petrochemical industry.

He said the projects were categorized as to realize the second and third leap in the sector.

“The petrochemical sector plays a key role in the economy, and by launching new projects the role of the sector in the economy would be intensified as well.”

Mohammadi, who is also the CEO of the National Petrochemical Company (NPC), said the second leap in the industry had begun in 2013 and would bring Iran’s petrochemical production capacity to 100 mt/y from currently 66 mt/y by 2021.

According to Mohammadi, the country’s petrochemical revenues would increase from currently $17 billion to $25 billion by 2021.

27 petrochemical projects will come on stream by 2021 in Iran which include Kaveh Methanol Plant, Ilam Olefin Plant, Bushehr Methanol Project and PVR Takht Jamshid Plant.

Currently, 56 petrochemical plants are active in Iran which will reach 83 plants by 2021, the NPC CEO said.

Third Leap

He further said the third leap in the industry would began in 2021 and continue until 2025, during which 26 projects would come online bringing the country’s petrochemical production capacity to 133 mt/y and the value of produced petrochemicals to 37 billion dollars per year.

He said $17b of investment had been earmarked for the second leap and 23 billion dollars in the third leap of the industry.

Iran Plast

Mohammadi further said that the oil and energy ministers of 11 countries had been invited to the Iran Plast Exhibition due on September 22 to 25 in Tehran.

The showcase will be held with 570 domestic and 35 foreign exhibitors, as well as 12 delegations from 10 countries.


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