NPC: 7% Rise in Petrochem Output in One Month

NPC: 7% Rise in Petrochem Output in One Month
NPC: 7% Rise in Petrochem Output in One Month

Petrochemical output in the first month of the new Iranian calendar year (March 21-April 20) increased by 7% compared to the same period last year, director of production control department at the National Petrochemical Company said.
“Petrochemical companies produced 5.5 million tons in the month,” the NPC news website Nipna quoted Jalal Mirhashemi as saying.
Annual petrochemical production capacity is 80 million tons and is expected to reach 100 million tons by  next March when the new plants open.
Besides boosting production, Iran is striving to indigenize equipment and parts used in the key industry.
After the US imposed new sanctions in May 2018 the sector started facing problems regarding production of selected petrochemicals. Soon after companies started collaboration with domestic engineers and knowledge-based firms to indigenize parts and equipment.
In February 70 contracts worth $300 million were signed with knowledge-based companies to accelerate the arduous indigenization process.
Iran now has enough technical knowhow and is self-reliant in the production of a vast range of petrochemicals including catalysts.
Catalyst consumption is rising and local companies are improving their R&D in the tight race to keep up with the times and not fall behind foreign competitors.
The petrochemical industry has played a key role in domestic economic growth as it creates value-added and reduces the sale of oil and gas on which the economy has been dependent for decades.

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