Iran Petchem Industry Seeks Strategic Cooperation with Africa – Deputy Oil Minister

Iran Petchem Industry Seeks Strategic Cooperation with Africa – Deputy Oil Minister
(Monday, April 28, 2025) 10:07

TEHRAN (NIPNA) – Iran's petrochemical sector is poised to expand strategic cooperation with African nations, Deputy Petroleum Minister and CEO of the National Petrochemical Company (NPC) Abbaszadeh said on Sunday.

Speaking at the Third Iran-Africa Economic Cooperation Summit, Abbaszadeh highlighted Iran’s petrochemical production capacity, which has reached approximately 100 million tonnes per year. He added that with 67 new projects underway, production is expected to rise to 131 million tonnes by 2029.

"Iran’s petrochemical industry, alongside its oil, gas, and refining sectors, has witnessed significant growth," Abbaszadeh said. "The Ministry of Petroleum operates through four major companies: the National Iranian Oil Company, the National Iranian Gas Company, the National Petrochemical Company, and the National Iranian Oil Refining and Distribution Company, each with defined responsibilities."

Currently, 73 petrochemical complexes and three utility plants are active across Iran, with major hubs located in Asaluyeh and Mahshahr, he noted.

According to Abbaszadeh, Iran's petrochemical sector has a nominal capacity of 97 million tonnes annually, with surplus products supplied to global markets. Of 42 million tonnes of marketable products, nearly 30 million tonnes were exported last year.

Iran’s petrochemical output includes 9 million tonnes of polymers, 4 million tonnes of aromatics, 9 million tonnes of fertilizers, and 43 million tonnes of basic chemicals. Around 14 million tonnes of methanol are produced annually, of which 10 million tonnes are exported.

Abbaszadeh said Iran’s feedstock and fuel capacity stands at about 30 million tonnes, primarily consumed domestically, with some volumes exported.

The NPC chief outlined the industry's development plans, noting that 67 major projects, with an average physical progress of 40%, are underway, requiring $26 billion in investment—half of which has already been spent. These projects aim to boost production capacity to 131 million tonnes by 2029.

Highlighting the outlook to 2034, Abbaszadeh said the fastest growth would be in polymer production, expanding from 9 million to 32 million tonnes, driven by value-added initiatives.

"Significant growth phases are planned for 2025, 2029, and 2034, focusing on enhancing the value chain and increasing the share of final products," he said.

Regarding exports, Abbaszadeh said about 70% of Iran’s petrochemical production is exported, generating approximately $2.8 billion from polymer exports, $2.2 billion from methanol, and $1.7 billion from urea exports last year. Other key export products include polyethylene, aromatics, and ammonia.

In the panel’s concluding remarks, Abbaszadeh emphasized the efforts to introduce Iran’s production and export capacities to African representatives. He highlighted the Persian Gulf Petrochemical Industries Company (PGPIC) as a key player due to its diverse product portfolio, and its subsidiary, Persian Gulf Trade and Industry Company, as a potential partner in international petrochemical trade.

He also pointed to the Parsian Oil and Gas Development Group's focus on urea fertilizer production and its potential for cooperation with African countries.

Abbaszadeh concluded by noting Iran’s significant methanol production capacity and highlighted remarks from Dr. Didari, CEO of Iran’s largest methanol producer, outlining opportunities for expanded collaboration in methanol and downstream industries.

 


Email is required
Characters left: 500
Comment is required