Accessing new export markets a necessity in petchem industry

‘Accessing new export markets a necessity in petchem industry’

TEHRAN- The head of Iran’s National Petrochemical Company (NPC) said that accessing new export markets is a necessity in the country’s petrochemical industry.

“All available capacities in the country should be used for market development and diversification of export markets with the aim of expanding exports”, Hassan Abbaszadeh said in a meeting on Tuesday.

“Convergence and continuous interaction to identify new markets can facilitate the process of international cooperation”, the official emphasized.

According to the NPC head, petrochemical industry plays a vital role in promoting Iran’s status in the international economy.

Abbaszadeh wrote in a message on the occasion of the National Petrochemical Industry Day: “Today, this industry is not only the supplier of an important part of the domestic needs of the country, but with its powerful presence in the world markets, it plays a vital role in maintaining and improving Iran's position in the international economy.”

Based on Iran’s seventh National Development Plan (2022-2027), the country’s petrochemical production capacity is planned to increase by eight percent to reach 130 million tons.

The Islamic Republic is also going to invest over $40 billion in the petrochemical industry for the eighth National Development plan to further expand the mentioned sector and complete its value chain.

Currently, Iran accounts for 2.8 percent of the world's petrochemical capacity and about 28 percent of the capacity of this industry in the region, and with the plans made, the capacity of the petrochemical industry will increase significantly in the horizon of the seventh development plan.

According to the latest data released by the NPC, the capacity of Iran’s petrochemical production will reach 103 million tons by the end of the current Iranian year (late March 2025).

Also, considering that about 60 petrochemical projects are planned to go operational during the seventh National Development Plan, 35 million tons will be added to the country’s petrochemical capacity by 2027.

MA

source: tehrantimes.com