A senior official from Iran’s National Petrochemical Company (NPC) says the company will bring on line 11 more petchem plants by the end of the current calendar year in late March.
Amir Vakilzadeh said on Monday that the 11 project will increase Iran’s petrochemical output to 100 million tons per annum (Mtpa), up from the current 90 Mpta.
Vakilzadeh, who serves as NPC’s head of projects and planning, said the completion of the projects would add some $4 billion to Iran’s annual revenues from the petrochemical sector.
Petrochemicals have accounted for a bulk of Iran’s hard currency revenues since 2018 when the United States imposed a raft of sanctions targeting the country’s crude export.
Current figures show that Iran earns around $17 billion a year from sales of petchem products to domestic and foreign customers.
The Iranian government has invested heavily in the petrochemical sector in recent years. The NPC rolled out 17 major projects in the year to March 2021 as part of its program to create a Second Leap in the Petrochemical Industry by constructing 43 new petchem plants in Iran.
Speaking to the IRIB News, Vakilzadeh said Iran will focus on finishing the 11 remaining projects from the second leap program this calendar year, adding that the government and private owners had spent $6.3 billion on the 11 projects which he said would need another 2.2 billion to finish.
The official said efforts are underway to progress with the third leap program under which 39 more petechem plants will be launched across Iran by the March 2026 to increase petchem output to 133 Mpta worth $30 billion.