Iran petrochemical revenue averages $20 billion per year

Monday, February 12, 2018

In Brief: This report indicates how Iranian petrochemical industry is surging. Iran's annual petrochemical revenue has averaged $20 billion in the last five years, Oil Minister Bijan Namdar Zanganeh said lately.

 PERSOL Chemicals

Iran's annual petrochemical revenue has averaged $20 billion in the last five years, Oil Minister Bijan Namdar Zanganeh said.

To increase non-oil exports, we should raise petrochemical investments and avoid selling raw materials,” IRNA quoted Zanganeh as saying, adding that the country is in need of foreign finance and know-how to materialize its development plans.

Tehran earned $9.55 billion in revenues from petrochemical exports last year, official data show. Petrochemical consignments went mostly to Asia, Europe and South America.

Petrochemical is Iran's most important industry after oil and gas. NPC hopes to lift nominal output capacity to more than 120 million tons per annum by 2022, the last year of Iran's Sixth Five-Year Economic Development Plan.

The country needs investment worth $10 billion to renovate the petroleum industry’s dilapidated equipment, the oil minister said in the province’s oil- and gas-rich city of Gachsaran on Thursday, ISNA reported.

These facilities are over 60 years old, such that an average of 20 pipeline leaks takes place daily,” Zanganeh added.

Stressing that Kohgilouyeh-Boyerahmad will be the only province, excluding Bushehr and Khuzestan provinces, to have seven petrochem complexes, the official said that with the launch of the plants, many jobs will be created in the province.

According to Zanganeh, the Oil Ministry has recently presented a plan, based on which 3-4% of oil revenues will be allocated to the oil-rich regions, that has been confirmed by the administration.

Source: financialtribune.com

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