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NPC Introduces 20 Strategic Downstream Projects to Major Iran Holdings

NPC Introduces 20 Strategic Downstream Projects to Major Iran Holdings
(Wednesday, December 20, 2023) 11:07

TEHRAN (NIPNA) - The Managing Director of the National Petrochemical Company (NPC) announced the introduction of 20 pivotal petrochemical projects aligned with the path of developing the petrochemical value chain for investment to major holdings in the country.

Morteza Shahmirzai, during the second conference and exhibition on technology management and increasing knowledge-based production in the oil industry, held today (Tuesday, December 19, 2023), highlighted the remarkable growth of petrochemical capacities post-Islamic Revolution.

He mentioned that prior to the 1979 revolution, the country had six petrochemical complexes with a total capacity of 1.5 million tons, a number that has now soared to over 92 million tons, a testament to the Islamic Revolution's miraculous advancements.

Shahmirzai emphasized the crucial need to focus on the petrochemical industry for creating opportunities in youth employment, affirming efforts to localize all catalysts required by the country's oil industry by the end of this government's term. Presently, 97% of the domestic demand for catalysts in this industry is met internally.

The Deputy Petroleum Minister and NPC CEO highlighted aspirations to indigenize all rotating machinery in the petrochemical sector within the next five years, marking the development of the petrochemical value chain as another major goal.

He continued, stating that currently, 108 petrochemical projects across the nation are either in the licensing, feasibility study, or implementation stages. He cited the example of the Hamedan Petrochemical project, which, after nearly 20 years of dormancy, entered the implementation phase last month.

Discussing the industry's progress, Shahmirzai revealed that licenses for 19 non-operational projects were revoked last year due to investors' inactivity. Their allocated quotas were redistributed to new ventures.

The NPC CEO added, "Last year, the petrochemical industry contributed $16 billion in hard currency earnings to the country, and we strive to increase this figure this year."

Additionally, in the first six months of this year, over 40 trillion rials in domestic credit were allocated to support petrochemical product sales, aiming to prevent raw material exports and bolster domestic production units.

Shahmirzai concluded by unveiling the proposal and introduction of 20 critical petrochemical projects aimed at expanding the value chain, inviting major country holdings for investment opportunities.

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