Petchem exports hit $10bn

News ID: 3917884 -
TEHRAN, Feb. 26 (MNA) – NPC head, while pointing to imminent operation of five new petrochemical projects, said a total of 19 million tons of petrochemical products worth 10 billion dollars were exported in the past 11 months.

Addressing a conference on future challenges and opportunities in the Iranian petrochemical industry, CEO of the National Petrochemical Company (NPC) Marzieh Shah-Daei deemed petchem industry as a key component of the country’s economy saying “in the past year and with implementation of the Joint Comprehensive Plan of Action (JCPOA), exports volume surges and statistics indicate that nearly nine million tons of the product worth about 10 billion dollars were deployed in the first eleven months of the current Iranian calendar year (began March 20, 2016).

Deputy oil minister said insurance and transports conditions had improved for exports of petrochemicals asserting “Iran enjoys a variety of feedstock, vastness of territorial waters, capable manufacturers and contractors as major advantages as regards development of petrochemical industry.”

“As such, credible investors are after making presence in Iran’s petrochemical industry,” she continued.

On threats to the country’s petchem industry, Shah-Daei stated “sanctions, international recession, growth of technical knowledge and high technology in other threats remain as main threats to the Iranian industry which necessitate emergence of technology with high value-added.”

NPC CEO recalled that the Oil Ministry was implementing certain plans to ensure sustainable supply of feedstock to petrochemical complexes; “upon implementation, new petchem projects will increase the country’s output capacity from the current 64 million tons to 1,000 tons in the next five years and to 150 million tons in ten years’ time.”

The official further emphasized the need for regulatory measures in the country’s petrochemical industry noting “local companies need to be encouraged to sell their products in domestic markets rather than focusing on exports only.”

At the end of her remarks, Marzieh Shah-Daei referred to operation of 12 new petrochemical units in line with Resistance Economy policies reiterating “these projects have added an aggregate total of six million tons to the country’s output capacity while five more plans are expected to come on stream half way through the upcoming Iranian year (to begin March 20).

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