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Iran to launch 27 petchem projects by 2021

Iran to launch 27 petchem projects by 2021

Teheran, August 6 – Neftegaz.RU.  Iranian Minister of Petroleum Bijan Zangeneh said the country had planned to inaugurate 27 petrochemical projects by March 21, 2021 with $17 billion of investment.

Addressing a ceremony to launch 3 major petrochemical projects today, Zangeneh said the country’s petrochemical revenue would reach $25 billion by 2021 and $37 billion by 2024.

Zangeneh also underlined the important role of petrochemical companies in the country’s stock market, saying the sector enjoyed 25% of the market’s share.

He said today 2 important methanol projects and a technological project for catalyst production would be put into operation. By the end of the year, 13 other projects will also be put into operation, which would increase the country's petchem 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."

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

Zangeneh continued, “With the operation of 27 other petrochemical projects by March 21, 2021 and with an investment of $17 billion, the total value of petrochemical products will reach $25 billion per year and by the end of March 21 2024 and completion of the 3rd leap their value will reach $37 billion.”