Petchem progress in line with Establishment policies: Zanganeh

TEHRAN, Dec. 30 (MNA) – Iran’s Oil Minister Bijan Namdar Zanganeh says the development of petrochemical plants is going on in line with the policies of the Islamic establishment of Iran to create jobs and prevent the sale of crude oil and gas.

Speaking on Monday during a meeting of Iranian President Hassan Rouhani with petrochemical industrialists on the occasion of the Petrochemical Industry Day, Zanganeh said, "The petrochemical industry has been well on its way to materializing these policies. Launching every petrochemical plant helps the progress of downstream industries while generating thousands of jobs and becoming a source of hope and development.”

He further said Iran’s petrochemical production capacity is expected to reach 100 mt/y by 2021 from currently around 54 mt/y, adding that the country will reap a total of $25 billion in petrochemical revenues by the year, almost twice as much as current figures.

Zanganeh said the Rouhani administration has set the grounds for the realization of the second and third petrochemical leaps of the industry in Iran.

According to him, the second leap in the petrochemical industry will end by 2021 and preparations for the third leap were made by the administration so that Iran’s petrochemical exports would reach $37b by the end of the administration.

“The third leap is to plant the seeds of production for the future, not only the future of the petrochemical industry but also the future of Iran's non-oil economy and further prevention of crude oil sales,” he said.

Referring to favorable feedstock supply for petrochemical plants in recent years, the Iranian Oil Minister said, "Thanks to the development of South Pars gas field and other projects, as well as supply of more feedstock from petrochemical complexes, production has increased in the industry and is acceptable despite the sanctions.”

He also underlined the fact that there is will be no gas supply cuts in the petrochemical sector in the winter.

Diversifying petrochemical feedstock sources

Zanganeh also pointed to the Oil Ministry's projects that are exclusively aimed at supplying petrochemical feedstock such as Bidboland, NGL 3200, NGL 3100, Khark NGL, etc., and said, “Completion and launching these projects will supply a significant source of feedstock besides South Pars for petrochemical plants, besides collecting associated petroleum gas (APG).”

According to him, the Persian Gulf Petrochemical Industries Company (PGPIC) and Maroon Petrochemical Company have closed ranks to bankroll a major project to collect all the APG in the southwestern province of Khuzestan, adding the trend will also be continued in other operational districts such as Kharg.

MNA/SHANA

News Code 153876

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