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Iran Petchem industry boosts production, employment

Iran Petchem industry boosts production, employment
(Sunday, June 11, 2023) 08:22

TEHRAN (NIPNA) -- Iran’s petrochemical industry has become a leader in production growth and job creation, thanks to an innovative credit scheme that has increased the supply of raw materials for factories, a government official said on Saturday.

The credit scheme, implemented by the National Petrochemical Company (NPC), has raised the monthly financing of raw materials from 100 billion rials ($2.38 million) to 4.5 trillion rials ($107.14 million), and a total of 18 trillion rials ($428.57 million) in the current Iranian year, which started in March.

“This has revived several factories and accelerated production growth and employment,” Amir Hossein Madani, deputy of the first vice president for economic revival, told Nipna.

He said that before the credit scheme, only 100 billion rials per month could be allocated for raw materials, but with the cooperation of NPC and revival tours, they broke the record and allocated 5.4 trillion rials in April alone.

Iran’s petrochemical industry is one of its main sources of hard currency earnings, along with oil exports, which have been hit by U.S. sanctions. The country aims to increase its petrochemical output capacity from 66 million tonnes per year to 100 million.

($1 = 42,000 rials)

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