Iran’s petrochemical sector has set an annual output target of around 129 million tons by the end of the country’s sixth five-year development plan (2016-2021), the Islamic Republic of Iran Broadcasting quoted from Hamidreza Rostami, the planning and management head of Iran’s National Petrochemical Company, Monday.
Increasing amounts of foreign financing and also, effective planning by the Oil Ministry will contribute to realization of the goal. This enhanced production is specially brought about by the pumping of $11.5 billion into the sector during the sixth development plan and also, accomplishment of 122 progressive petrochemical projects.
By the end of the current Iranian calendar year which marks the end of the country’s fifth five-year development plan, too, Iran’s petrochemical output is forecast to reach 62 million tons with the boost coming from under-construction 14 projects, Rostami stated.
The official further noted the petrochemical sector will have brought in $40 billion revenue for the country by 2021 when the sixth development plan is terminated.
Iran’s export of petrochemicals hit 2.48 million tons in the first six months of the current Iranian calendar year (started on March 21).
The country’s petrochemical output is anticipated to take a year-end hike once phases 15, 16, 17, and 18 of the South Pars gas field come on stream, swelling revenue from the sector up to $2 billion.