Iran to add 20 Items to Petchem Portfolio by 2026

Iran to add 20 Items to Petchem Portfolio by 2026
(Sunday, May 30, 2021) 02:20

TEHRAN (NIPNA) – The CEO of the National Petrochemical Company (NPC) said once the country completes the third leap of the petrochemical industry by 2026, 20 new items will be added to Iran’s petrochemical production portfolio.

Addressing a press conference, Behzad Mohammadi said that currently 40 active projects are under way in the form of third leap of the petrochemical industry, adding with the realization of the third leap projects, 20 new products will be added to the petrochemical products portfolio of the country.

Mohammadi called the growth of annual demand for petroleum products in the world less than 0.9% and the growth of annual demand for petrochemical products close to 5%, and added: "This is an important sign of the need to further developing the petrochemical industry and we must use oil-rich hydrocarbon resources like natural gas to feed petrochemical plants towards rapid and intelligent development of the petrochemical industry and wealth creation.”

The CEO of the National Petrochemical Company pointed to the 58-year life of the petrochemical industry in Iran, and added: “The production capacity of the petrochemical industry has increased from 65 million tons in 2019 with the operation of 17 projects and an increase of 25 million tons to 90 million tons, which is an unprecedented record in the history of this industry.”

Mohammadi estimated the average progress of the remaining 10 projects of the second leap of the petrochemical industry as 84%, and said that these projects will be operational by the end of the current Iranian calendar year which began on March 21.

These projects will bring Iran’s petrochemical production capacity to 100 million tons per year, he went on to add.

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