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Iran Annual Petchem Output to Reach 100 Million Tons

Iran Annual Petchem Output to Reach 100 Million Tons
(Saturday, June 22, 2024) 16:56

TEHRAN (NIPNA) - Iran's Petroleum Minister announced that with the upcoming commissioning of five new petrochemical complexes, the country's annual petrochemical production capacity will increase from 90 million tons to 100 million tons.

Speaking at a joint press conference with the government spokesperson, Javad Owji highlighted significant achievements in the energy sector under the current administration.

He mentioned an increase of 53 million cubic meters in gas production, a 10 million-ton increase in petrochemical products, and an expansion in the nation's refining capacity.

Owji noted that over the past three years, 11.5 million cubic meters of associated petroleum gas have been collected daily.

He added that within the next few days, this figure will increase by an additional 4.5 million cubic meters per day, reaching a total of 30 million cubic meters per day by the end of the year.

The Petroleum Minister emphasized that the current administration has successfully attracted $5 billion in private sector and major holding investments in the West and East Karun regions.

Owji also highlighted the recent achievement of receiving the 2024 Gas Exporting Countries Forum (GECF) award for flare gas recovery at the latest summit of the Forum.

According to GECF statistics, Iran's average annual gas production growth has been 5.2% in recent years, despite severe sanctions. This growth rate is double the global average of 2.5%, underscoring the country's robust performance in the gas sector amidst challenging conditions.

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