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Iran Petchem Industry Achieves Notable Tech Successes

Iran Petchem Industry Achieves Notable Tech Successes
(Tuesday, September 19, 2023) 11:29

TEHRAN (NIPNA) -- Iranian knowledge-based companies have achieved notable successes in acquiring technologies for the petrochemical industry, the planning and development director of the National Petrochemical Company (NPC) said.

Speaking on the sidelines of the 17th International Iran Plast Exhibition, Hassan Abbaszadeh told the Economy Desk of the Islamic Republic of Iran News Network that sanctions had led to desirable achievements in technologies for producing products in line with completing the value chain of petrochemical products.

Abbaszadeh said that the installed capacity of the petrochemical industry was now more than 92 million tons.

He announced the total production of petrochemical products last year as 70 million tons and added: "In 1401, we were able to export $16 billion worth of petrochemical products; if we can complete the value chain in the petrochemical industry, our export capabilities in this sector will also increase significantly."

The planning and development director of NPC, referring to the fact that 9 million tons of polymer are currently produced in the country, said: "According to the seventh development plan, the production capacity of polymer will increase to 19 million tons."

Abbaszadeh, stating that the technology of converting basic products to intermediate ones has developed in the country, added: "The document of developing the petrochemical industry chain has been prepared and 20 investment packages have been designed for introduction to investors, which are worth $4 billion."

He continued: "According to the planning done, some of these plans will start in the next five years."

The planning and development director of NPC emphasized: "In developing the value chain, we must pay attention to both the product and the market demand so that we can move towards self-sufficiency in this sector."

Abbaszadeh, stating that many countries that have technology prefer to receive raw materials and convert them into final products, said: "Nowadays, Iran is also known in the world as a country that exports more raw products. However, in recent years, due to the intensification of sanctions, knowledge-based companies became active in the petrochemical sector so that they were able to create a technology chain in methanol production. The National Petrochemical Company is building the first unit with an investment of $600 million."

He said that good measures had been taken in this administration to reduce the liquidity challenge of industries and added: "The sale of petrochemical products on credit in the first five months of this year amounted to 28 thousand billion tomans."

The 17th International Iran Plast Exhibition, which started on Sunday with the approach of developing the value chain, supporting domestic production and boosting domestic construction at the permanent venue of Tehran International Exhibitions, will last for four days.

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