Iran Ramps up Petrochemicals Iran Achieves More Petrochemical Exports, Equal Turnover
Since the end of the international trade sanctions, the exports of petrochemicals from Iran has jumped by roughly 30 %, yet the low oil price undermines any rise in value terms.
Iran petrochemical industry continues its expansion after the end of the international sanctions against the country: More than 46.4 million tons of petrochemicals were produced in 2015, accounting for roughly 80% of Iran’s production capacity. Nearly half of the production, namely 18.1 million tons, is dedicated towards export markets.
For 2016, petrochemical production shall be increased to 54.7 million tons, Iran’s National Petrochemical Commercial Company stated. This is by no means the final stage of the restructuring of the country’s once blooming industry, officials said: Within nine years, production shall reach a whopping 160 million tons.
For this goal, the country looks into international cooperations and partnerships: Last week, Oil Minister Amir Hossein met with representatives from Mitsui of Japan to discuss future cooperations in the in upstream and downstream sector. “Given the good record of the company (Mitsui) in the petrochemical sector, it can actively work in Iran’s projects on petrochemical industry,” Hossein said.