NPC developing a masterplan for downstream sector

TEHRAN, Jun. 01 (MNA) – The CEO of the National Petrochemical Company (NPC) says the company is preparing a masterplan for developing the downstream petrochemical industries.

Behzad Mohammadi said the development of petrochemical industries is among the top priorities of the Oil Ministry, and NPC is working on a masterplan to boost the downstream sector.

He pointed to the Songhor petrochemical project, the construction operation of which started on Thursday, as an example of NPC’s development schemes.

The official expressed hope that the project, which underway by the Persian Gulf Petrochemical Industries Company (PGPIC), would come on stream within 12 to 14 months.

"The industry is growing, and it has diversified projects; we can move more rapidly with the use of new technologies in the industry," he said.

The official further said that the annual growth of crude oil in the world is 1%, while this figure is up to 9% in the petrochemical industry. “The volume of the petrochemical industry's trade in the world is worth $3,800 trillion annually, Iran can move more rapidly in the industry given its massive oil and gas reserves.”

Mohammadi stressed that "the four elements of feedstock, knowledge and technology, capital and the market are one of the most important factors for building a project.”

He said 55 petrochemical plants are operating in Mahshahr, Assaluyeh and other areas of the country with a capacity of 65 million tons per year, of which 31 million tons of products are used in the country, and about 22 million tons are exported to different destinations in the world.

MNA/SHANA

News Code 145946

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