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Iran Petchem Industry on Path to Growth and Advancement: Deputy Oil Minister

Iran Petchem Industry on Path to Growth and Advancement: Deputy Oil Minister
(Saturday, June 1, 2024) 10:00

TEHRAN (NIPNA) - Iran's petrochemical industry is on a trajectory of growth and progress, according to the Deputy Petroelum Minister and CEO of the National Petrochemical Company (NPC).

Speaking on Thursday, Morteza Shahmirzaei highlighted the administration's strategic focus on maritime development, emphasizing the sector's robust infrastructure and potential.

Addressing representatives of NPC's General Assembly during their visit to several petrochemical complexes in Assaluyeh, Shahmirzaei underscored the significance of developing value-added petrochemical projects along the Persian Gulf and Oman Sea.

He noted that ongoing strategic initiatives in Assaluyeh, Siraf, Kangan, Parsian Energy Intensive Zone, and Lamerd are set to transform the industry, diversify the petrochemical product portfolio, boost economic growth, and create employment opportunities.

Shahmirzaei also pointed out that the first phase of the Negin Makran power plant is expected to commence operations by the end of the year. The geographical positioning of the Jask region, he added, presents a promising outlook for balanced petrochemical industry development, with the Makran coast being a secure host for these projects.

Domestic Production of Industry Needs

The NPC chief emphasized the importance of reducing reliance on foreign sources by moving towards domestic production to meet industry requirements.

He noted that Iran currently produces 550 grades of various petrochemical products. With new investments, production capacity will increase, meeting domestic demands and significantly boosting exports.

Shahmirzaei highlighted advancements in the localization of catalysts, mentioning that the Petrochemical Research and Technology Company is nearing the final stages of domestically producing catalysts for the oil and petrochemical industries. This development has allowed many of the industry's catalyst needs to be met internally.

He proudly mentioned that the Petrochemical Research and Technology Company achieved the top rank globally in diverse technical knowledge production and sales for the first time last year, marking a significant achievement for Iran's petrochemical industry.

Addressing Production Barriers

Shahmirzaei called for the removal of barriers hindering production growth. He urged the Ministry of Economic Affairs and Finance to work collaboratively with the petrochemical sector to resolve issues such as customs regulations. He also highlighted the need for effective cooperation with the Budget and Planning Organization to facilitate the construction of development projects.

He appealed to the Ministry of Energy to ensure a stable power supply to petrochemical plants, especially those along the western ethylene pipeline, citing that companies like Mobin, Fajr, and Damavand are already supplying electricity to the national grid in southern Iran.

Shahmirzaei mentioned that last year's credit sales of petrochemical products significantly benefited downstream industries, enabling companies to meet their needs more efficiently, a trend expected to continue this year.

Concluding his remarks, Shahmirzaei stressed the importance of legal and practical measures to address the issue of urea producers' receivables. He called for increased cooperation to enhance production capacity and underscored the importance of synergy among General Assembly members to achieve the industry's goals.

The session saw participation from representatives of the Ministries of Oil, Economic Affairs and Finance, Industry, Mine and Trade, Labor and Social Welfare, Energy, and the Budget and Planning Organization.

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