TEHRAN Nov. 10 (Shana) – A senior Iranian petrochemical official said the country defined dozens of major projects in a push to revamp its petrochemical industry and dramatically boost its output.
Mohammad Hassan Peyvandi, deputy managing director of National Petrochemical Company (NPC), said oil price slump in world markets, rise of ethylene and propylene production in China and the US shale oil boom are the biggest challenges petrochemical industry is faced with in the world and Iran remains the only stable and safe Middle Eastern country which is still attractive for investors.
Addressing a financial conference in Kish Island on Tuesday, Peyvandi underlined the key role petrochemical industry can play in Iran to materialize the requirements of the Economy of Resistance.
Iran’s petrochemical production capacity stands at 60 million metric tons per year but the country produces 45mt/y which is because of feedstock shortages in petrochemical plants, he added.
He further said plans are under way to add 60mt/y to Iran’s output which will bring Iran’s total petrochemical production capacity to 120mt/y by the end of the 6th five-year development plan (2016-2021).
“Relying on its vast hydrocarbon reserves, Iran will have no concerns to supply feedstock to its petrochemical plants,” he added.
The official further said Iran will boost its methanol output to 24mt/y in the next five years.