Value of petrochemical products to reach $ 37bn by March 2024: Zanganeh

MNA – Iranian Oil Minister said that with the operation of 27 petrochemical projects by March 21, 2021and with an investment of $17 billion, the total value of petrochemical products will reach $37 billion by March 21, 2024.

Addressing a ceremony to officially inaugurate 3 major petrochemical projects via video conference on Thursday morning, Bijan Namdar Zanganeh said plans were under way to triple the sector’s production capacity by 2025 from 2013 levels.

Zangeneh said that today two important methanol projects and a technological project for catalyst production would be put into operation.

By the end of the year, he said, 13 other projects will also be put into operation, which would increase the country’s petrochemical production capacity by 25 million tons per year.

He added, “One of the most important tasks of the petrochemical industry is to prevent the sale of raw materials by completing the value chain in the oil and gas industry, as well as supplying downstream feedstock for the domestic industries, while preventing more than $5 billion in foreign currency from leaving the country annually.”

He said that in the period between 2013 and 2019, 18 petrochemical projects came on stream in Iran.

He continued, “With the operation of 27 other petrochemical projects by 1400 (March 21, 2021) and with an investment of 17 billion dollars, the total value of petrochemical products will reach 25 billion dollars per year and by the end of 1403 (March 21, 2024) and completion of the third leap their value will reach 37 billion dollars.”