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Iran plans to increase petrochemical production to 200m tons

IRNA - Islamic Republic News Agency

Feb 7, 2022

Tehran, IRNA -- The Islamic Republic of Iran plans to boost capacity of petrochemical production to 200 million tons per annum by the end of the Eighth National Development Plan, an official announced.

Morteza Shah-Mirzaei, head of the National Petrochemical Company (NPC), made the remarks in opening ceremony of the 15th Iran Plast International Exhibition on Monday, noting that Iranian petrochemical industry could only produce 1.5 million tons of products in 1979, but the production capacity in this sector increased to over 90 million tons per year.

It is expected that the petrochemical production will reach 104 million tons by the end of next Iranian calendar year (March 20, 2023), the deputy oil minister added.

Shah-Mirzaei also underlined that the petrochemical production capacity will rise to 200 million tons by the end of the Eighth National Development Plan.

Referring to the increase of methanol production to 40 million tons per year, he said that methanol is one of the key products of the petrochemical industry.

Due to a decline of demand for oil products, the country should invest in development of petrochemical industry, he said, urging great holding companies to enhance their investment in the sector.

Given the fact that more than 90 percent of commodities needed for human life will be produced by the petrochemical industry, he emphasized on the development of the sector in the country.

Iran's 68 petrochemical complexes produce 65 million tons, including 30 million tons for export, 10 million tons for domestic consumption and 25 million tons for feeding complexes.

The 15th Iran Plast International Exhibition is being held at Tehran International Exhibition Center from February 7 to 10.

Almost 450 Iranian and foreign companies attend the event. Some 300 merchants from countries such as Germany, China, Brazil, Italy and Turkey take part in the exhibition.

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