Value of Iran's petrochemical products to hit $37b in 4 years: Oil minister

Value of Iran's petrochemical products will reach 37 billion dollars by the next four years after inauguration of important projects, Minister of Petroleum Bijan Zangeneh announced on Thursday.

Zangeneh made the remarks at an inauguration ceremony on three big petrochemical projects attended by Iranian President Hassan Rouhani via a video conference today.

After opening 27 more projects with 17 billion dollars of investment by the end of next Iranian year (March 20, 2022), the value of petrochemical projects will rise to 25 billion dollars, the minister said.

By the end of current year on March 20, 2021, 13 more projects will open, said the minister adding that the inauguration of those projects will add 25 million tons to the country's petrochemical output capacity.

Referring to the important role that the petrochemical companies play in the country, Zangeneh said petrochemicals have 25 percent of capital market's share.

“Kimia Pars Middle East with a daily production capacity of 5,000 tons of methanol, Kaveh Plant with a daily production capacity of 7,000 tons of methanol and Lorestan Catalyst Plant will be inaugurated this week [on August 6]," Zangeneh was quoted as saying earlier.

As Zangeneh stated today, 18 catalysts worth 90 billion dollars are planned to be made in the country by the start of new Iranian year (will start on March 20, 2021).

In a relevant development, Managing Director of National Petrochemical Company of Iran Behzad Mohammadi said on August 4 that the country will witness four million tons of increase in petrochemical output capacity with inauguration of three important projects on Thursday.

News Code 192200

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