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Iran expects $5B in petrochemical exports revenues

Iran expects $5B in petrochemical exports revenues

TEHRAN: Iran’s petrochemical products export volume is expected to reach 11.5 million tons in the first half of current fiscal year (started on March 21), while the revenues will reach $5.25 billion, show the statistics of the Iran’s National Petrochemical Company’s official document procured by Trend. The country’s petrochemical output for the one year period to Aug. 21 is also expected to stand at 51.9 million tons, compared to 51.3 million tons of products in Aug. 21, 2015-2016. The document also named 58 new petrochemical projects under the development with nominal capacity of 58.4 million tons /year.

Iran plans to inaugurate seven petrochemical plants in the current year and 23 more next year. The country needs $20 billion in additional investments in order to double the production capacity by 2022 and $35 billion more to increase the figure to 150 million tons /year by 2025. Iran’s nominal petrochemical production capacity stands at 73 million tons per year. Islamic Republic’s petrochemical sector is one of the country’s rapidly growing industrial sectors, which experienced a seven percent growth in nominal capacity during the last fiscal year. Iran’s actual production level during the previous year (2014/2015) was 46.41 million tons.