Iran Petrochem Export Generated $10.6 Billion in Last Fiscal

EghtesadOnline: The National Petrochemical Company's export revenues reached $10.6 billion in the last fiscal year (ended March 20), said the head of Nouri Petrochemical Company in southern Bushehr Province.

News ID: ۷۴۷۰۷۵

16 April 2019

"NPC sold 20 million tons in international markets in the period. Bulk of the shipments went to Asia, Europe and South America." Taqi Sanei was quoted as saying by IRNA.

Nouri Petrochem in Asaluyeh shipped over $1.2 billion worth of products, making it the biggest local petrochemical exporter in revenue terms.

With abundant hydrocarbon resources and private sector new investments, Iran is working hard to expand its global status in the sect, Financial Tribune reported.

The official added that NPC's annual output is 54 million tons and will reach 70 million tons/year by 2020 and the $11 billion annual earnings of the past fiscal is forecast to double.

According to Sanei, supplying petrochemical companies natural gas as feedstock is a major challenge, especially when they are far from the Persian Gulf. But plants in Asalouyeh gas-rich region do not face supply problems.

There are 56 petrochemical plants in Iran of which 36 are in Bushehr and Asalouyeh. The rest are located across the country.

"Iran’s petrochemical sector alone consumes 9% of the country's total natural gas production," he said, noting that the industry generates 35% of non-oil export revenues.

NPC reports show there are 105 incomplete projects requiring $55 billion. Of this number 64 have registered 20% work-in-progress.

Iran’s installed petrochemical production capacity has increased 22-fold over four decades. Production and exports have climbed by 33 and 37 times respectively.