Iran is optimistic regarding its petrochemical sector in 2020 as 17 projects will be coming online this calendar year, using USD11.5 billion of investments.
Deputy Minister of Oil Behzad Mohammadi commented that this year could be a golden year for Iran’s petrochemical industry. He said that all the upcoming or new projects would contribute 25 million tons of the annual production capacity to 90 million tpa.
Following the development of the giant South Pars gas field, Iran has been strongly supporting the petrochemical sector. Moreover, when the US sanctioned the country’s oil exports, the petrochemical industry is spurred to boost exports.
Other than that, Iran has also been expanding the petrochemical downstream sector to promote the production of products with more added-value.
The oil ministry and especially the National Petrochemical Company (NPC) has been highly pursuing the construction of petrochemical parks, petro-refineries alongside the development of the country’s current petrochemical complexes.
