Iran’s annual petchem output to hit 100mn tons by 2022: Oil minister

Iranian Minister of Oil Bijan Namdar Zanganeh said the country’s petrochemical production capacity would reach 100 million tons per year in the next fiscal year that starts on March 21.

“Once the goal is realized, it will bring in $25 billion in revenues to the sector each year,” Zanganeh said during the opening ceremony of the 4th edition of the IranPlast International Exhibition, at Tehran’s permanent fairground on Sunday.

To do so, he said, the necessary plans have been devised to supply various types of hydrocarbon feeds to the upstream sector.

Zanganeh noted that the next step is to increase the petrochemical industry’s output to 133 million tons worth $33 billion per year by 2025.

He said although the country has been facing the most severe sanctions in the past year, 11 petrochemical projects have so far been inaugurated and six more will become operational before March 20.