Shana – Iran’s petrochemical export is scheduled to reach 20 million tons worth of 9 billion dollars till the end of this Iranian calendar year(started March 20, 2016), senior NPC official said on Saturday.

Director of the Planning and Development Department at National Iranian Petrochemical Company (NPC) Farnaz Alawi made the remarks in a press conference.

Iran will increase export of petrochemical products abroad to 20 million tons till the end of this Iranian calendar year, she added.

Alawi noted that the nominal capacity of Iran’s petrochemical industry has increased to 64 million tons till this Iranian calendar year.

She referred to production of 46.5 million tons of petrochemical products worth of 9.6 billion dollars the last year(ended March 19, 2016) and said in the first 7 months of this Iranian year, 29 million tons of petrochemical products were produced.

Alawi predicted promotion of production of petrochemical products during this Iranian year to 50-51 million tons till the end of year.

Iran presented 18.8-19 million tons of petrochemical products to the foreign markets and 14 million tons to the domestic market, she added.

The official said that Iran exported 11.6 tons of petrochemical products abroad and 8.5 million tons were sold in the domestic market.

Alawi referred to export of 9.6 billion dollars of petrochemical products abroad during the previous Iranian calendar year and said “we have already exported 4.8 billion dollars of petrochemical products in the first seven months of this year.”

She pointed to negative effect of energy market on the price of petrochemical products since 2014 and noted that due to the decrease of crude oil price at the international markets, Naphtha price as the major feedstock for production of ethylene decreased.

During the past four years, the price of petrochemical products exported abroad witnessed 50 percent decrease and the price of products used in the domestic market experienced 40 percent decrease, Alawi said.

She noted that Iran has targeted to become the region’s first petrochemical producer till 2020.

Iran is expected to play a significant role in the international market of polymers and currently, it has 10 percent of the international market of methanol, the official added.

Presence of international Asian and European companies in Iran has increased after the nuclear deal reached between Iran and G5+1, she added.

Alawi voiced hope for reaching agreement with the visiting foreign companies in the coming months.

The National Petrochemical Company (NPC) a subsidiary to the Iranian Petroleum Ministry, is owned by the government of the Islamic Republic of Iran. It is responsible for the development and operation of the country's petrochemical sector.

Founded in 1964, NPC began its activities by operating a small fertilizer plant in Shiraz. Today, NPC is the second largest producer and exporter of petrochemicals in the Middle East. Over these years, it has not only expanded the range and volume of its products, but it has also taken steps in areas such as R&D to achieve more self-sufficiency.

Two special economic zones on the northern coast of the Persian Gulf have been developed to be home to the NPC’s new project. These two zones enjoy a good access to feedstock, infrastructural facilities, local and international markets and skilled manpower.