Iran Has Launched or Is Working to Launch Several New Projects Over Next 4 Years

Stirred by improving financial condition of developed countries, as global demand for petrochemical products is rising, Iran has launched or is working to launch several new projects to boost its petrochemical strength to cash in on the opportunity to boost exports.
 
Nearly 300 petrochemical complexes would be set up over the next four years, National Petrochemical Company (NPC) Director for Planning and Development Ramezan Olwadi told Press TV.
 
According to Mr. Olwadi, plans for establishment and commissioning 12 new petrochemical parks in 12 different provinces of the country, have already been finalized, and the projects in southern Iranian province of Bushehr and Khuzestan have been assigned top priority.
 
Also, some of the petrochemical refineries, mainly in Tehran, Bandar Abbas, Arak and Abadan are being revamped at a cost of US$ 8 billion, he said.
 
Mr. Owladi said that besides enhancing petrochemical exports, the new projects even aim at boosting the production capacity of local downstream petrochemical and polymer industries, many of whose produce are used as raw material in textile and apparel industry.
 
As the second biggest petrochemical producer of the Middle East, Iran contributes around one-fourth of the region’s petrochemical output, and has significantly expanded its volume as well as product range over the past few years.
 
Earlier, NPC Managing Director Abdolhossein Bayat said over the past eight years, Iran’s petrochemical production has grown by 38 million tons, and is likely to cross 75 million tons by end of current Iranian calendar year on March 20, 2014.