Iran Holds 2.8% of Global Petchem Capacity, Says NPC Chief

Iran Holds 2.8% of Global Petchem Capacity, Says NPC Chief
(Sunday, September 15, 2024) 18:24

TEHRAN (NIPNA) - Iran currently accounts for 2.8% of global petrochemical capacity and approximately 28% of the industry’s capacity in the region, according to the Deputy Oil Minister and CEO of the National Petrochemical Company (NPC), Morteza Shahmirzaei.

Speaking at the sidelines of the Iran Plast International Exhibition, Shahmirzaei emphasized the significant role of the petrochemical sector in driving future industrial and technological progress in the country.

Shahmirzaei stated that Iran’s production capacity of polymer and plastic products stands at 10 million tons annually, with plans to increase this to over 18 million tons by the end of the Seventh Development Plan.

He described the Iran Plast exhibition as a vital regional event with growing global recognition, bringing together major producers of polyethylene, polypropylene, and other polymers.

Shahmirzaei also noted that around 290 foreign companies and over 500 Iranian firms participated in the 18th edition of the exhibition, reflecting increased interest from international companies due to recent diplomatic efforts in the petrochemical sector.

Highlighting Iran Plast as a symbol of Iran's value-driven economy, Shahmirzaei pointed out the focus on innovation, with a section of the exhibition dedicated to knowledge-based companies showcasing new technologies and products developed through research.

Shahmirzaei underscored the transformation of Iran’s petrochemical industry since the Islamic Revolution. “Before the Revolution, we built only six petrochemical complexes, heavily reliant on foreign expertise. Today, we are self-sufficient, with full capabilities in design, construction, installation, and operations,” he said.

He also outlined the country's ambitious expansion plans. Iran’s current petrochemical production capacity is approximately 97 million tons, expected to surpass 102 million tons by the end of this year, and reach 133 million tons by the end of the Seventh Development Plan. This growth is set to bring advancements in product variety, quality, and technological capabilities.

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