Iran to Complete Petchem Value Chain by 2031, Boosting Non-Oil Exports

Iran to Complete Petchem Value Chain by 2031, Boosting Non-Oil Exports
(Saturday, July 6, 2024) 17:56

TEHRAN (NIPNA) -- Iran's Deputy Petroleum Minister and CEO of the National Petrochemical Company (NPC) Morteza Shahmirzaei announced the country's strategic plan to complete its petrochemical value chain within the next seven years. This initiative aims to enhance Iran's balanced industrial development through the full realization of the petrochemical production chain.

Speaking at the opening ceremony of the 6th International Pharma Middle East Exhibition, Shahmirzaei highlighted the comprehensive strategy developed to achieve this goal.

"Given the Supreme Leader's emphasis on preventing the sale of raw and semi-raw materials, the Petroleum Ministry has prepared and issued a comprehensive document outlining the value chain completion policy for the petrochemical industry," he stated.

Shahmirzaei noted that the petrochemical sector, with over six decades of history in Iran, has seen significant growth.

"Before the Islamic Revolution, the industry produced 1.6 million tons annually, limited to 12 products. Today, Iran's petrochemical production capacity exceeds 95 million tons per year with a diverse product portfolio," he added.

He also reported that the petrochemical industry currently leads Iran's non-oil export sector. "With the official launch of six petrochemical projects last week and plans to inaugurate 15 more by the end of the year, the total production capacity will reach 100 million tons annually," Shahmirzaei said.

Addressing the need for sustainable feedstock supply, Shahmirzaei emphasized the importance of energy management and optimal resource utilization to overcome current imbalances and ensure sufficient feedstock for the industry.

Petrochemicals Supply Over 70% of Pharmaceutical Raw Materials

Shahmirzaei underscored Iran's position as a major producer of basic petrochemical materials, supplying over 70-80% of the raw materials needed by the pharmaceutical industry. He stressed the significance of connecting the pharmaceutical supply chain from basic petrochemicals to active pharmaceutical ingredients, achieving greater self-sufficiency in the country’s drug production.

Inviting companies and health sector stakeholders to invest in the petrochemical industry, Shahmirzaei highlighted the potential for added value through investment in petrochemical projects to meet the healthcare sector's needs.

Joint Meeting of Three Deputy Ministers at Pharma Middle East Exhibition

On the sidelines of the Pharma Middle East Exhibition, Shahmirzaei met with Mohammad Mehdi Baradaran, Deputy Minister of Industry, Mine and Trade, and Seyed Heydar Mohammadi, Deputy Minister of Health and Head of the Food and Drug Administration. They discussed expanding inter-ministerial collaboration to realize the strategic goal of completing the value chain, particularly in the pharmaceutical industry.

The 6th International Exhibition of Pharmaceutical, Chemical, and Pharmaceutical Packaging Materials is being held from July 4 to 7 at the Shahr-e-Aftab Exhibition Center.

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