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Iran to Launch 28 Petchem Projects by 2026

Iran to Launch 28 Petchem Projects by 2026
(Thursday, December 31, 2020) 14:27

TEHRAN (NIPNA) – The CEO of the National Petrochemical Company (NPC) said plans were under way to construct 28 new petrochemical projects by March 2026.

Speaking on the occasion of the petrochemical day, Behzad Mohammadi said the projects will bring the county’s petrochemical production capacity to 133 million tons per year from currently 66 mt/y.

He also said that the country’s petrochemical revenue would reach 35 billion dollars per year and Iran would be the Middle East’s first country in production of base petrochemicals.

“We have devised good plans for the 4th jump of the industry which is aimed at strengthening the stability of the industry in all dimensions,” he said.

Mohammadi, who is also the Deputy Minister of Petroleum for Petrochemical Affairs said by reviewing the feedstocks that can be received from the oil industry in the coming years and using basic products as feedstock, as well as the import of petrochemical products and the needs of downstream industries, 30 strategic plans have been defined to achieve sustainable development in the industry.

In other words, in the fourth stage of development, the development of this industry is practically planned based on food inventory until March 2026, he explained.

The Deputy Minister of Petroleum added by completion of the project, Iran’s propylene production capacity will reach 4.5 million tons per year, adding that three petrochemical holding companies have started operations in this regard.

By completion of the 7th development plan of the country, Iran’s petrochemical production capacity will reach 150 million tons per year and the sector’s revenue will cross $44 billion, he went on to add.

The NPC CEO said the second leap of the industry would reach fruition with $80 billion of investment while the third-leap plans would come on stream with $92 billion of investment. The 4th leap plans will need $108 billion investment, he said.

Elsewhere in his address, Mohammadi said that so far 7 petrochemical processes have been localized, which will reach 10 processes by March 2022.

Also, in the field of localization of catalysts as a vital and expensive material required by the industry, Iran’s share of the global catalyst market is estimated at $270 million, of which 20 types have been localized so far and 16 types will be localized by March 2022.

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