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Iran Petchem Revenue to Reach $37b by 2026

Iran Petchem Revenue to Reach $37b by 2026
(Thursday, December 24, 2020) 23:04

TEHRAN (NIPNA) – Iranian Minister of Petroleum Bijan Zangeneh said the country’s production capacity revenue would hit 37 billion dollars per year by 2026.

Iran launched three major petrochemical projects on Thursday with a total investment of 1 billion dollars.

Addressing a ceremony to inaugurate the projects, Mr. Zangeneh said: “Today is a celebration of prosperity and leap of production for western Iran.”

He stated that the total value of the three projects of olefin and SRU units of Ilam Petrochemical Plant, Hegmataneh Petrochemical Project and the potassium sulfate unit of Urmia Petrochemical Plant is close to one billion dollars.

He said: "All these projects are in western provinces of the country and today is a celebration of prosperity and production leap for western Iran."

Mr. Zangeneh noted that Iran’s petrochemical revenue in 1997 was merely $2 billion per year which reached $11b by 2013 and is planned to cross $25b by 2021. Furthermore, plans are underway to bring the sector’s revenue to $37 billion by 2026.

The Minister of Petroleum stated that 17 petrochemical projects with an investment of 11.4 billion dollars and a capacity of 25 million tons per year will be put into operation this calendar year (which began on March 21).

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