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Iran Petchem Capacity up by 10 mt/y Under President Raisi

Iran Petchem Capacity up by 10 mt/y Under President Raisi
(Wednesday, May 8, 2024) 19:47

TEHRAN (NIPNA) -- Iran's Minister of Petroleum announced a significant milestone for the nation's petrochemical sector at the opening ceremony of the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition.

According to the minister, this capacity surge is a result of leveraging semi-completed projects and introducing new petrochemical initiatives.

The minister also highlighted Iran's complete self-sufficiency in the oil industry and the ministry's plans to boost oil, gas, petroleum products, and petrochemical production in the Seventh Development Plan.

Key Highlights Include:

  • 60% increase in crude oil production and substantial growth in its exports
  • 54 million cubic meters increase in gas production
  • 220,000 barrels per day expansion in the country's refining capacity
  • Completion and operation of 132 semi-completed projects worth $28.5 billion
  • Launch of operations for 50 new projects valued at $47.5 billion
  • Development of Phase 11 of South Pars
  • Completion of Phase 14 refinery of South Pars
  • Implementation of over 1000 kilometers of gas pipelines
  • Gas supply to over 6,000 villages
  • Preparation of 5 petrochemical projects for inauguration
  • Signing of contracts for oil and gas field development with domestic companies
  • Ministry of Petroleum's call for gas feedstock supply to petrochemical units
  • Introduction of new oil contract models
  • Approval of $40 billion projects in energy consumption optimization
  • Energy diplomacy expansion and increase in exports of oil, petroleum products, and petrochemicals

The Minister of Petroleum expressed gratitude to all stakeholders and companies in the oil industry and invited private sector investors to participate in this sector's growth.

The showcase opened on Wednesday, May 8, 2024 and will run until May 12 at Tehran’s permanent fairgrounds.

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