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NPC Bracing for $80b Petchem Investment

NPC Bracing for $80b Petchem Investment
(Tuesday, January 19, 2021) 12:24

TEHRAN (NIPNA) – The CEO of the National Petrochemical Company (NPC) said the company was expecting petrochemical investment to reach $80 billion which would then move towards 92 and 108 billion dollars by 2026.

Addressing a conference on social responsibility on Thursday, Behzad Mohammadi, who is also deputy petroleum minister for petrochemical affairs, said that the demand for petrochemicals is 4 to 5 times more than that of crude oil and petroleum products, making the industry more important in terms of strategy making and development.

He pointed out that the petrochemical industry is the first industry in the country and ranks first in non-oil exports, adding: “Currently, 64 petrochemical complexes are active in different parts of the country and the number of these complexes will double in the coming years.”

Mohammadi noted that the petrochemical industry feedstock is currently equivalent to 800,000 barrels of crude oil per day, which, by 2026 and 2027, will reach an equivalent of 2.2 million barrels of crude oil per day, which is a huge leap in the use of crude oil and gas resources.

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