Iran to Launch 6 Petrochemical Projects by in Coming Months
TEHRAN (Tasnim) – Iran’s National Petrochemical Company (NPC) said on Saturday that six petrochemical projects, costing $2.7 billion and with the nominal production capacity of about 5 million tons/year, would come on stream by the end of the current Iranian calendar year (to end March 20, 2024).
NPC Chief Executive Morteza Shahmirzaei announced this on Saturday, noting that the Hoveyzeh Gas Refinery in the Persian Gulf was put into operation about a month ago.
Iran's petrochemical industry is one of the most FOREX-yielding industries in the country during the sanctions period and this has solved many of the country's foreign exchange problems.
The NPC put the FOREX revenues obtained from the export of petrochemical products from 2019 to 2022 at about $49 billion.
So far, $79 billion has been invested in Iran’s petrochemical industry and it seems that the trend of investment in this strategic industry will continue in the administration of President Ebrahim Raisi.