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Iran Mulls Production of Pharmaceutical Materials in Petchem Industry

Iran Mulls Production of Pharmaceutical Materials in Petchem Industry
(Saturday, May 20, 2023) 10:40

TEHRAN (NIPNA) -- Iran's petrochemical industry is planning to produce pharmaceutical materials by connecting to the drug industry, creating high added value for the country, the CEO of Petronad Asia company said on Friday.

Abdollah Samadi, speaking at a specialised meeting on "Explaining the Petrochemical Value Chain" held at the 27th Iran International Oil, Gas, Refining and Petrochemical Exhibition, said completing the value chain was a key goal in the country's upstream documents.

"Petrochemical is one of the industries that plays an effective role in achieving this goal," he said.

He stressed the need to avoid selling raw materials, and said intermediate petrochemical products should be connected to final products.

Petronad Asia, which is part of Kimia Holding Company, is the first large-scale project in Iran that connects the petrochemical industry to the pharmaceutical industry, he said.

He said petrochemical raw materials would be turned into intermediates and then into pharmaceutical ingredients at Petronad Asia's chemical park.

He added that importing pharmaceutical materials was costly for the country and affected its trade balance.

"Completing each of these chains creates high added value for the country," he said.

He noted that the world was moving towards developing downstream industries, and said Iran should focus more on completing the value chain and connecting upstream petrochemical investors to midstream and complementary industries to ensure supply chain and production stability.

Samadi said Petronad Asia's petrochemical park would produce more than 160,000 tonnes of various products by 2024. Two of its six units have already started production and this capacity will be connected to the country's pharmaceutical industry.

The 27th Iran International Oil, Gas, Refining and Petrochemical Exhibition officially opened on Wednesday and will run until Saturday. The event has attracted 200 foreign companies from 13 countries amid a revival of Iran's oil industry.

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