Iran to launch six petrochemical projects: NPC
Iran’s National Petrochemical Company (NPC) said on Saturday that six petrochemical projects, costing $2.7 billion and, with the nominal production capacity of about 5 million tons/year, will come on stream by the end of the current Iranian year (March 19, 2024).
NPC Chief Executive Morteza Shahmirzaei also noted that the Hoveyzeh Gas Refinery in the Persian Gulf was put into operation about a month ago, Shana reported.
Iran’s petrochemical industry has been one of the most profit-making industries in the country during the sanctions period, and this has solved many of the country’s foreign exchange problems.
The NPC put the forex revenues obtained from the export of petrochemical products from 2019 to 2022 at about $49 billion.
So far, $79 billion have been invested in Iran’s petrochemical industry and it seems that the trend of investment in this strategic industry will continue under the administration of President Ebrahim Raeisi.
Meanwhile, IRNA reported on Saturday that a 16-percent leap in Iran’s oil production capacity is the target set by the Seventh National Development Plan (2023-27).
According to the plan, the country’s oil production capacity would soar to 4.45 million barrels per day (bpd), from the current 3.84 million bpd, by the end of the seventh NDP.
The actual oil and gas condensates production would hit 4.25 million bpd and 804,000 barrels a day, respectively, the figures in plan show.
The increase in Iran’s oil production capacity is a bargaining chip in political and economic relations, and that is why the incumbent administration has carried out effective measures and has boosted the oil output capacity to the pre-sanctions level, at 3.838 million bpd.