Iran Is Aiming at Attaining Self-Sufficiency in Production of Parts

Iran is aiming at attaining self-sufficiency in production of parts and equipment for its petrochemical plants over the next five years, FARS News Agency reported quoting a senior official.

Jalil Sobhani, managing director of the Supplying Petrochemical Industries Parts, Equipment and Chemical Engineering Co. (SPEC) said Iranian petrochemical experts and engineers have put in effort to gain self-sufficiency in the field, and Iran plans to supply its petrochemical plants with home-made parts and equipment in the next five years, the report stated.

Mr. Sobhani said the SPEC plans to procure all the equipment and necessary parts from the domestic market and to attain self-sufficiency in the sector by relying on Iranian experts in the next five years.

Earlier this month, Hossein Shariyari, deputy head for planning and development of the National Petrochemical Company (NPC), said considering the several petrochemical projects which are underway, Iran’s petrochemical production is projected to exceed 51 million tons by the end of the current calendar year (which began on March 21, 2014 and will end on March 20, 2015), recording a rise of 25 percent year-on-year.

The planned 51 million tons of petrochemical output is expected to reap Iran some US$ 35 billion, including $14 billion through exports, he added.

According to the NPC, over 40 million tons of petrochemical products were manufactured in Iran during last calendar year, which ended on March 20, 2014. During the period, the country exported petrochemical products worth $10.723 billion, registering a rise of 1 percent, compared to the $10.165 billion worth of petrochemical products exported during the previous calendar year.