15 new petchem projects to come into service this year: NPC
The CEO of Iran’s National Petrochemical Company (NPC) Hasan Abbaszadeh announced that, “15 new petrochemical projects worth $6 billion will be commissioned this year, raising the industry’s production capacity to 107 million tons.”
Speaking at a press conference on Sunday during the final day of the 29th Iran International Oil, Gas, Refining, and Petrochemical Exhibition, Abbaszadeh was reported by IRNA as saying, “The launch of new petrochemical projects will add a total of 8 million tons to the industry’s current capacity.”
Stressing that the current petrochemical production capacity stands at 97 million tons, he said, “Under the Seventh Development Plan, this figure must reach 131 million tons by the plan’s end. Last year, 42 million tons of final petrochemical products — excluding inter-complex feedstock — valued at $24 billion were produced, with 29 million tons (worth $13 billion) exported.”
Abbaszadeh added that, “13 million tons of petrochemical products, valued at $11 billion, were sold domestically last year. The petrochemical industry is prepared to attract domestic and foreign investments.”
900 mcm surge
in gas feedstock
The deputy oil minister highlighted that “alongside 15 petrochemical projects, four feedstock supply projects will also be inaugurated this year.”
Abbaszadeh listed the Bid Boland Refinery’s feedstock supply as among the projects to be operationalized this year.
“The four feedstock projects launching this year represent a $4 billion investment. Through flare gas collection and NGL 3100 operations, 900 million cubic meters of gas per day and 850 barrels of condensates per day will be returned to the industry as feedstock,” he stated.
Expanding exports to neighbors
Abbaszadeh stressed that, “In addition to African nations, the president (Masoud Pezeshkian) has emphasized expanding exports to neighboring countries, including Iraq, Pakistan, Afghanistan, and Turkey.”
He added, “These countries are prioritized in marketing plans, and relevant documentation is being prepared for submission to the presidential office to leverage these opportunities during government officials’ foreign visits.”
Stressing positive measures to attract domestic and foreign investors, the deputy oil minister said, “Constructive negotiations were held with foreign companies at this exhibition, and they have expressed readiness to invest.”
$70m catalyst exports to Russia
Addressing recent trade efforts with Russia, Abbaszadeh underscored “efforts to remove barriers to commercial cooperation,” stating, “Establishing a North-South corridor is the key focus for expanding Iran-Russia collaboration, as most Iranian petrochemical plants are located in the south.”
“Iranian companies have made significant strides in producing and exporting catalysts in recent years, with annual exports to Russia reaching approximately $70 million. Advancements in manufacturing diverse catalysts for various industries are a strength of Iran’s petrochemical sector, and further growth is expected with expanded free trade.”
Boosting knowledge-based firms
Abbaszadeh also emphasized the importance of developing domestic production and supporting knowledge-based companies in the petrochemical industry.
“The petrochemical industry’s $2 billion import market offers major opportunities for knowledge-based firms. A platform has been created to showcase these companies based on their capabilities, with a target to increase domestic manufacturing from the current 70% to 75-80% by the end of the Seventh Development Plan,” he said.