Iran’s petrochems industry
Nowadays, the petrochemical industry has become an indispensable part of the manufacturing and consuming sectors globally, churning out products which include paint, plastic, rubber, detergents, dyes, fertilizers, textiles, etcetera.
The 21st century is witnessing a paradigm shift from West to East in the Petrochemical business, with West Asia emerging as a global production hub with natural advantages of low cost feedstock. Accordingly, the Petrochemical industry plays a major role in the Iranian economy and growth.
Aside from being an important source of non-oil revenues, it plays a significant part in the expansion of local industries, the development and localization of technologies and the growth of its downstream industries. Exceptional oil and gas resources availability, diversity of feedstocks, access to international waters and highly-qualified workforce are among the major advantages of the Iranian petrochemical industry.
Iran already sits atop the world's second-largest gas reserves and fourth-largest oil reserves but the Islamic Republic has been pushing private and state-owned companies away from simply extracting raw commodities and into refining products.
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