Iran to launch 6 petrochemical plants costing $2.7b by March 2024

By Al Mayadeen English
Source: Agencies
2 Jul 2023 11:21
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The NPC states that from FOREX data and revenues obtained from the export of petrochemical products from 2019 to 2022, revenue was about $49 billion.

A part of Pardis petrochemical complex facilities in Assalouyeh on the northern coast of the Persian Gulf, Iran, on September 4, 2018 (Iranian Presidency Office via AP)

According to Iran’s National Petrochemical Company (NPC), six petrochemical projects, with a budget cost of $2.7 billion and nominal production capacity of nearly 5 million tons annually, are expected to begin at the end of the current Iranian calendar year (to end March 20, 2024).

The news was announced by NPC Chief Executive Morteza Shahmirzaei on Saturday, adding that the Hoveyzeh Gas Refinery in the Persian Gulf began operation about a month ago.

The NPC stated that from FOREX data and revenues obtained from the export of petrochemical products from 2019 to 2022, revenue was about $49 billion. $79 billion has been invested in Iran’s petrochemical industry.

The country's oil sector has been on a recent high, considering the current and future deals being signed with countries such as Russia.

In April, the head of the National Iranian Oil Company, Mohsen Khojasteh-Mehr, revealed that the total value of contracts signed with Russian investors is $4.5 billion, adding that they involve seven Iranian oil fields.

In an interview for IRNA last month, Iran’s oil minister Javad Owji disclosed that energy diplomacy with Asian, African, and Latin American countries helped Iran expand its oil market and promised that great news on oil sales is soon expected.

Owji stated that those who imposed sanctions on Iran believed they could stymie Iran's growth and advancement by using the terroristic weapon of sanctions, despite the fact that it is a double-edged sword with which they must contend.

Owji added that foreign agencies that monitor the countries' oil exports have recorded an increase in Iran's output and exports.