IRAN: Petchem exports to reach over $40 billion by 2021

Iran’s annual petrochemical exports will rise to about USD 41 billion by the end of the country’s sixth five-year development plan (2016- 2021), said National Petrochemical Company (NPC) Managing Director Abbas Sha’ri-Moqaddam.

The country’s annual petrochemical exports currently stand at over USD 14 billion.

Sha’ri-Moqaddam said Iran has the capacity to boost the figure to USD 67 billion if the condition is created, according to the Shana News Agency. The post-sanctions time creates a proper opportunity for development of Iran’s petrochemical sector, the official asserted. “We support Iranian and foreign investment in implementation of Iran’s petrochemical development projects”, he noted.

Iran plans to raise its petrochemical production to around 129 million tons by the end of the country’s sixth five-year development plan. Officials say the country has the capacity to produce 60 million tons of petrochemicals per annum.  

Last December Mohammad-Hassan Peyvandi, the deputy managing director of the NPC, said Iran’s annual petrochemical output is planned to reach 46 million tons by the end of the current Iranian calendar year (March 19, 2016). He put the country’s petrochemical production at 44 million tons in the previous calendar year. 

Iran’s petrochemical export is projected to rise to 35 million tons by the end of the current Iranian year from 32 million tons in the past year, the official added.  He said Asian countries will be the major export destinations for Iran’s petrochemical products in the post-sanctions time. However Iran plans to boost its petrochemical exports to European countries in the post-sanctions era, he added. 

Petrochemical industry can crown Iranian economy, because many other industries of the country are relying on it, Peyvandi stated in a ceremony held in Tehran on 28 December 2015 to celebrate the 51st establishment anniversary of the NPC. 

Source: Daily “Tehran Times”, Tehran; 20 Jan 2016
(Syed Rashid Ali, Karachi, Pakistan)