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Oil Minister Sets 135 Million Tons Petrochemical Goal

Oil Minister Sets 135 Million Tons Petrochemical Goal
(Saturday, January 25, 2025) 15:42

TEHRAN (NIPNA) – Iranian Petroleum Minister Mohsen Paknejad stated that the petrochemical sector aims to achieve a production capacity of 135 million tons of petrochemical products by the end of the Iranian year 1407 (March 2029), emphasizing the possibility of realizing this goal even earlier.

Speaking during the Administrative Council meeting in Bandar Mahshahr, Paknejad highlighted both the region's significant petrochemical capacities and the challenges it faces. “There is a stark mismatch between the vast petrochemical potential here and the existing deprivation in this area. We must identify and address the root causes of this gap,” he remarked.

He underscored the government’s emphasis on unity and collaboration, as advocated by President Masoud Pezeshkian. “While some may view this as a mere slogan, the 14th administration firmly believes that avoiding division is a key strategy to overcoming national challenges,” he added.

The Minister reiterated the administration’s vision to enhance the Islamic Republic’s development, economic prosperity, and the welfare of its people. “Through teamwork and mutual support, we can achieve the ambitious goals outlined,” he stated.

Paknejad referred to the 8% economic growth target set in the Seventh Development Plan, noting that while ambitious, it is attainable with proper planning and effective utilization of limited resources. He highlighted quantitative goals, including reaching crude oil production of 4.58 million barrels per day by 1407, despite the substantial effort required to offset annual declines.

The Minister expressed confidence in achieving these targets by leveraging the nation’s technological expertise and investment in developing viable oil fields. Additionally, he pointed to the goal of producing 1.35 billion cubic meters of raw gas per day, a figure he described as challenging but achievable given the potential of gas fields with expansion capabilities.

This comprehensive strategy reflects the administration’s commitment to addressing both national energy demands and the socio-economic needs of the petrochemical industry’s host regions.

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