Managing Director of the National Petrochemical Company (NPC) Abbas Shari-Moqaddam said that value of Iran’s petchem exports will exceed 40 billion dollars by 2021 which marks termination of the country’s Sixth Five-Year Economic Plan.
“Iran’s petrochemical industry is on the verge of a new epoch and it should be emphasized that the post-sanctions ear will be an opportunity to develop the petrochemical industry,” he said.
Referring to Iran’s success in securing removal of sanctions through resilience and negotiations, he expressed the hope that the achievement can pave the way for development of the country’s petrochemical industry.
He said that numerous countries have been interested in returning to Iran’s petrochemical projects during the sanctions, and added, “In the post-sanctions period, the time has come for final negotiations.”
“By end of the Sixth Development Plan, petrochemical exports will increase to 41 billion dollars and it can hit 67 billion dollars provided that the necessary conditions are available,” Shari-Moqaddam said.
“NPC supports new domestic and foreign development investments which can increase production and exports helping the oil industry to step out of selling raw materials,” said the deputy petroleum minister.
Following the visit, Petroleum Minister Bijan Zangeneh also stressed development of petrochemical industry among the downstream projects and said that in less than 20 years, the value of petchem products multiplied from one billion dollars to 18 billion dollars.
“In few years, it will catch up to 26 billion dollars and by the end of the Fifth Development Plan it will hit above 40 billion dollars,” he said.
He anticipated that with continuation of support programs for the production chain, petrochemical production’s export value can hit 70 billion dollars a year.