Iran to Gain 100mln Tons of Petrochemical Output Capacity by Next Year

Iran’s Oil Minister Bijan Zanganeh said the country’s annual petrochemical output capacity will reach 100 million tons worth $25 billion by 2022.

Zanganeh made the remarks at the opening ceremony of the 14th International Exhibit of Plastic Industry in Tehran, dubbed “Iran Plast”.

He said that Iran's petrochemical revenues would reach 25 billion dollars per year by 2022, adding, “Plans have been underway to bring the amount to $37b by 2026 with the output capacity rise to almost 133 million tons per year.”

"As we had promised earlier, 19 petrochemical projects will become operational in the second leap worth $11.4 billion with 25 million tons output capacity,” Zanganeh noted.

Iran’s Oil Minister Bijan Zanganeh

"Since the beginning of the current Iranian year [March 20, 2020], five petrochemical projects with an investment of $3 billion have been inaugurated," he added. 

Iran Plast opened on Sunday in the presence of Zanganeh, heads of parliamentary commissions on energy, industries and mines and foreign ambassadors in Tehran. The International Iran Plast is the biggest plastic industry event in the region.

Ambassadors of Russia, Syria, Tajikistan, Iraq, Armenia, Kenya, Bangladesh, Thailand, Afghanistan and Venezuela attended the event.

Some 67 companies in raw materials, 26 ones in machinery and equipment, 97 in products and 10 others in technical and engineering services participated in the exhibition.

The exhibition will work till February 10 in Tehran International Trade Fair.

In relevant remarks on Saturday, Iran’s First Vice President Es’haq Jahangiri said that the value of the country’s 100 million tons of petrochemical products will hit 25 billion dollars by the end of the current calendar year (March 20).

“Our petrochemical products will top $25 billon in terms of value before the start of the next Iranian year (starting March 21),” Jahangiri said.

Speaking in the city of Eslamabad-e Gharb, Western Iran, he added, "During the US imposed economic campaign against Iran when the oil exports faced difficulties, it was the petrochemical industry that provided the country's foreign currency needs."

Jahangiri said that Iran’s petrochemical industries provided billions of dollars for the country during those tough days.

He stressed that the Eslamabad-e Gharb Petrochemical Project is one of Iran's most important petrochemical projects.

News Code 192786

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