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Iran to launch 12 petrochemical projects this year, deputy oil minister says**

Iran to launch 12 petrochemical projects this year, deputy oil minister says**
(Sunday, May 21, 2023) 17:37

TEHRAN (NIPNA) -- Iran will launch 12 petrochemical projects this year that will boost its production capacity and make its downstream industries self-sufficient in feedstock imports, deputy oil minister and CEO of the National Petrochemical Company (NPC), said on Saturday.

Morteza Shahmirzai made the remarks at a news conference on the last day of the 27th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran, where nine contracts and nine memoranda of cooperation were signed with domestic companies in the petrochemical sector.

He said the launch of the new projects, in addition to creating sustainable employment, would increase national production and enable downstream industries to produce value-added and final products from upstream and intermediate petrochemicals.

Shahmirzai stressed that NPC's policy was to regulate and control the market of petrochemical products, which has been seriously pursued in this government. He said that following a memorandum of understanding signed last year between NPC and industrial towns of the Ministry of Industry, Mine and Trade, 4.5 trillion rials of capital had been provided for downstream units through credit sales and they were determined to increase this amount.

He said that NPC was monitoring and managing the petrochemical projects and was determined to settle the licenses that had been issued in previous years but investors had no plans to implement them. He said that 10 to 15 licenses had been screened out and their feedstock had been freed for planning new projects.

The CEO of NPC said that 105 petrochemical projects were currently under way, including Gachsaran, Arta Energy and Petronad Asia projects that would be launched this year.

Shahmirzai said that this year, production units were obliged to operate at maximum capacity as there was no feedstock shortage. He said that this would increase production compared to previous years and meet the country's foreign exchange needs in addition to domestic demand.

He concluded by saying that in addition to 21 leap projects for completing value chains, new projects were on the agenda and petrochemical complexes were urged to move towards producing new products and diversifying their petrochemical baskets by using their existing feedstock.

The 27th International Oil, Gas, Refining and Petrochemical Exhibition officially opened on Wednesday and ended on Saturday. The exhibition this year witnessed the presence of 200 foreign companies from 13 countries amid a revival of the oil industry.

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