Iran hosts downstream oil, gas petrochemical firms amid US sanctions
Yusef Jalali
Press TV, Tehran
Major local businesses from across Iran have come under one roof in Tehran to attend the first exhibition of downstream oil, gas and petrochemical industries.
The expo aims at exploring Iran’s potentials in downstream oil and gas industries amid the toughest sanctions imposed against Iran’s oil sector by the US.
For oil-rich Iran, its economy lives on oil incomes, and this has made it highly vulnerable to fluctuations in oil prices.
Following the signing of the nuclear deal in 2015, Iran regained its foothold in the global oil market, with its daily output rising to nearly 4 million barrels per day.
The US’s controversial pullout from the accord in 2018 and the reinstatement of oil embargoes once again pushed Iran’s crude production to less than 500,000 barrels per day.
Downstream oil, gas and petrochemical industries in Iran have been a good start to capitalize on as a secondary engine for the economy, because no other country in the region is self-sufficient in these areas.
This is why officials say the US sanctions have failed to push down Iran’s downstream oil industries; yet, the export of petrochemical products continues to rise on a steady positive slope.
Currently, 70 petrochemical complexes are operating in Iran. 60 more petrochemical units are under construction across the country. Officials say, by the end of this project in 2021, the country will double its petrochemical output from 65 million tons to over 125 million tons per year.
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