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NPC Official Highlights $97 Billion Worth of Ongoing Projects

NPC Official Highlights $97 Billion Worth of Ongoing Projects
(Thursday, December 28, 2023) 15:55

TEHRAN (NIPNA) -- Reza Nikooei, the Investment Director of the National Petrochemical Company (NPC), addressed industry experts during the inaugural Investment and Financial Supply Conference in a bid to highlight the pivotal role of investments in the petrochemical sector, revealing that 125 petrochemical projects worth approximately $97 billion are currently underway.

Speaking at the Tuesday event, Nikooei emphasized the critical importance of financing, particularly to achieve the nation's targeted 8% economic growth by the end of the 8th Five-Year Development Plan, a priority highlighted by the nation's esteemed leadership, requiring approximately $7 billion in constructive financial sourcing.

"Investments play a vital role in securing both domestic and foreign resources for the petrochemical industry," stated Nikooei, underscoring the comprehensive review and reevaluation of last year's investment plans as per directives from the Deputy Minister of Petroleum and the NPC CEO. Some projects were removed while others were introduced, aligning with the country's requirements.

Highlighting the significance of collaborative efforts, Nikooei emphasized the participation of nearly 120 CEOs and financial deputies in this conference, marking a pivotal strength of the gathering aimed at elucidating barriers, proposing solutions, and fostering collaboration to boost financial sourcing within the petrochemical industry.

He reiterated the consistent emphasis, spanning back to 1996, by the nation's leadership on completing the value chain and providing financial support to downstream industries, which continues to be the guiding principle for their work.

Nikooei provided insights into the current industry capacity, revealing plans to expand the petrochemical industry to 141 million tons by the 7th Five-Year Development Plan and eventually to 200 million tons by the 8th Plan.

"In the present scenario, we have 125 projects worth about $97 billion in progress," Nikooei continued, elaborating on the industry's trajectory, foreseeing an increase in petrochemical complexes to 179 by 2032.

The Investment Director highlighted key areas designated as petrochemical industry hubs, including Mahshahr, Asaluyeh, Kangan, Parsian, Chabahar, and Qeshm, detailing ongoing projects and investments in these zones, indicating the sector's expansion and strategic distribution across various regions.

"With 20 projects amounting to $7.4 billion investments and a production capacity of 5.9 million tons in Mahshahr, 22 projects with over $22 billion investments and a capacity of approximately 28 million tons in Asaluyeh, and 14 projects exceeding $11.5 billion investments with a 14 million ton capacity in Kangan, Siraf, and Dayer, the industry is witnessing substantial growth," Nikooei elucidated.

He continued, shedding light on further endeavors in the Parsian Energy Zone, Chabahar, and Qeshm, revealing ongoing initiatives and investments aimed at bolstering production capacities, shaping the future of Iran's petrochemical landscape.

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