Petrochemical revenues have risen notably in the last four decades -- from $200,000 in 1976 to $17 billion in 2018, head of the National Petrochemical Company said.
“Sale of petrochemicals, both in the domestic and foreign markets, is projected to reach $37 billion by 2025,” ILNA reported Behzad Mohammadi as saying.
Close to 642 million tons of 8 basic petrochem products (benzene, toluene ethylene, ammonia, methanol, xylene, butadiene and propylene) are produced annually in the world, 3.6% of which 23 million tons are manufactured in Iran despite difficulties created by the new US sanctions, he noted.
Petrochemicals constitute more than one-fourth of Iran’s non-oil export earnings with products destined to 30 countries, namely neighboring states, China, India, Southeast Asia and Europe.
According to the NPC chief, Iran’s share of the global petrochemical market will double by 2025.
He said production of methanol, ammonia, ethylene and propylene are expected to rise by 245%, 65%, 73% and 145% respectively in the period.
NPC’s methanol, ammonia and ethylene output is 19 million tons per annum and propylene production is 1.1 million tons.
“There are 56 production centers that receive an equivalent of 650,000 barrels of crude as feedstock and convert it into value added products.”
Mohammadi predicted that petrochemical companies’ feedstock will surpass 1.7 million barrels of oil by 2025.
Referring to benzene, toluene and xylene output, he said NPC produces 2.5 million tons of BTX a year.
Iran produces 350 different types of petrochemicals.
“We have a comprehensive plan for quantitative and qualitative development of the petrochemical sector, which will increase product diversity and complete the production chain in the downstream sector,” the NPC boss said.
Iran is striving to diversify its economy that is largely dependent on oil and make better use of its hydrocarbon reserves by producing goods and petrochemicals with higher value for international markets.
The petrochemical sector is the second-most important industry after oil and gas.
Improvement and optimization of petrochemical plants is underway to boost productivity and contribute to national growth.
A total of 56 domestic companies annually produce 55 million tons of petrochemicals for the domestic and foreign markets.
