Petchem output, exports going on as planned: PGPIC CEO

TEHRAN, Nov. 13 (MNA) – The CEO of the Persian Gulf Petrochemical Industries Company (PGPIC) said that the production and export of petrochemicals are continuing as scheduled in Iran.

Addressing a gathering of senior petrochemical executives in the northwestern city of Mashad on Tuesday, Jafar Rabiei said on Tuesday, “Fortunately, production and export of petrochemicals is in a sustainable manner.”

He said the PGPIC has managed the sanctions’ impact on the petrochemical sector, expressing optimism that other organizations and sectors of the country could bypass the sanctions, too.

The official further said that the petrochemical sector is the main pillar of the country’s resistance despite the sanctions.

The CEO of the National Petrochemical Company, Behzad Mohammadi, who was present at the same event, said that the Iranian petrochemical industry is planned to gain 6.2 percent of the global petrochemical output by 2025.

The official said the industry in Iran has continued on its path despite the restrictions caused by the sanctions, however noting that the Iranian petrochemical producers need to balance their output in order to survive in the intensely competitive market in the world.

56 active petrochemical plants in Iran are now consuming an equivalent of 650,000 b/d of crude oil as feed, he said, adding the number of plants would jump to 83 by 2021, consuming an equivalent of 1.4 mbd of crude oil as feed.

Mohammadi also added that the number of operational plants in the country is expected to climb to 109 by 2025 which will consume an equivalent of 1.7 million barrels per day of crude oil.

The NPC CEO further said that Iran’s annual petrochemical revenue has now reached $17 billion from only $200,000 back in 1979, the year the Islamic Revolution became victorious. He also said the sector's revenues would will 37 billion dollars per year by 2025.

MNA/SHANA

News Code 152229

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