TEHRAN – The CEO of the production capacity Behzad Muhammadi has said plans are under way to bring Iran’s petrochemical annual revenues to 50 billion dollars by 2027.
Referring to the definition of the fourth leap of the petrochemical industry with 47 projects, Muhammadi said: “By completing the second leap, third leap and implementing strategic plans in the fourth step of intelligent development of the petrochemical industry, $50 billion in petrochemical revenue will be achieved by 2027.”
According to NPC, addressing a ceremony to unveil several achievements of the NPC, Muhammadi said that by 2025 several projects will come online in the industry which will bring feedstock consumption of the industry to an equivalent of 2.3 million barrels per day.
Muhammadi said Iran’s petrochemical industry is more proud, more dynamic and stronger than ever in the field of sustainable production and supply of feedstock for downstream industries, exports and hard currency generation, adding in the calendar year of 1399, which ended on March 20, roughly 40 million tons of feedstock was consumed by the industry, an equivalent of 1 mbd of crude oil, worth $6bn that was fed to 67 petrochemical plants across the country.
He said the figure was expected to reach an equivalent of 2.3 mbd by 2025 once new projects come online in the industry.
Last year Iran added 25 million tons to its annual petrochemical production capacity, he said, adding the industry also supplied 34 sellable products during the same year which generated $15 billion.