Petchem production up by 4.5mn tons within months

TEHRAN, Dec. 14 (MNA) – Reporting the plan to increase petrochemical production capacity by 4.5 million tons in 100 days, deputy oil minister estimated the industry’s production capacity to reach 70 million tons per year by the end of the next Iranian year.

Speaking at the 12th Iran Petrochemical Forum (IPF2015), Head of Iran's National Petrochemical Company (NPC) Abbas Shari-Moghaddam said despite the international sanctions, Iran will add 4.5 million tons to the petrochemical production capacity noting “on the basis of designed plans, another 4.5 million tons will be added to the current capacity by the end of the next Iranian year.”

Shari-Moghaddam enumerated the aim pursued in the development of Iran's petrochemical industry including to avoid raw retail, completion of the value-added chain as well as the implementation of Resistance Economy policies; “domestic and foreign investors need to develop the petrochemical industry taking advantage of proper facilities in Iran,” he asserted.

Deputy oil minister announced that the total value of petrochemical products will reach 27 billion dollars by the end of the next Iranian calendar year stressing “Iran’s NPC can provide investors with technical, economic and legal services in several areas like future market analysis as well as identifying bureaucratic red tapes and calling for their reform or cancellation.”

“According to the new structure, NPC will play the role of policy maker, supporter, supervisor and regulator of the market in the Iranian petrochemical industry and will be in charge of specifying potential areas in the country for the industry’s development,” reminded the official emphasizing “NPC can cooperate with the private sector in order to develop the petrochemical industry in remote and underserved areas.”

NPC president further enumerated advantages of petrochemical industry development on Iran compared to other countries including two thousand kilometers of land and sea border, young human resources, market of 75 million consumers, locating in the center of the Middle East and central Asia as well as high engineering and production capabilities; “moreover, tax exemptions and other benefits in Iran’s special and free zones further add to the attraction of investments in the country,” he underlined.

Shari-Moghaddam referred to the talks with foreign delegations on investment in Iran’s petrochemical industry during the last year recalling “all foreign parties subject their investment to the lifting of sanctions.”

The official said Iran ranks first in the world in terms of hydrocarbon resources having 158 billion barrels of oil as well as 34 trillion cubic meters of gas; “domestic and foreign investors need to know that Iran enjoys numerous benefits in addition to internal and external stability and security,” Shari-Moghaddam concluded.

 

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News Code 112801

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