The financial statement of the National Petrochemical Company for the fiscal 2021-22 shows the company’s net profit doubled in that year compared to the previous year.
The statement, which was released online and made available for the public earlier this week, indicates that NPC earned over $120 million while the figure was $58 million a year ago, Mehr News Agency reported.
The company exported more than $1.46 billion worth of products during the period, which shows a rise of about $500 million compared to the previous year.
The company’s domestic sale of petrochemicals and utility services reached $3 billion, which is $1.35 billion more than the year before.
A utility unit built on a petrochemical site includes production units that supply power, steam and water.
Regarding the sale of feedstock, raw materials and utility services to its subsidiary petrochemical complexes, the statement noted that Nouri Petrochemical Company had the largest share of 27%, among 14 companies.
Pars, Bandar Imam, Bu Ali Sina, Mobin, Tondgouyan and Arvand petrochemical companies follow with 19%, 16%, 9%, 8%, 7% and 5% of NPC’s sales respectively. The remaining seven companies had about 1% of sales.
The statement also includes the volume of over 80 products, including ethylene, butane, paraxylene and various types of PET grades that had improved compared with the previous year, indicates a good market for the products, both domestically and internationally.
NPC had invested over $1 billion in 25 petrochemical projects across Iran in the year under review. The projects, some of which are still underway, seek to reduce the import of petrochemical products.
Annually, about $1.5 billion of petrochemical products are imported. The completion of those projects will help reduce imports by 70%.
NPC, which is one of the four main subsidiaries of the Oil Ministry, also seeks to diversify the range of petrochemical products and help complete the value chain in the petrochemical industry.
The company is responsible for managing and expanding the operations of the country's chemical and petrochemical industries.
Future Plans
The managing director of NPC announced last month that the company planned to double petrochemical feedstock supply from an equivalent of 1.1 million barrels per day to 2.6 million bpd by 2030.
According to Morteza Shahmirzaei, the annual capacity of the petrochemical industry is 90 million tons and with the help of the development plans, it aims to reach 200 million tons in eight years.
The increase in petrochemical feedstock volume will also help scale up the production of high value-added products. Iran’s petrochemical industry expects revenues to increase to $53 billion by 2030.
In recent years, the export of petrochemical products from Iran has made up the largest share of non-oil exports and the country plans to make its petrochemical industry the region’s most advanced in the coming years.
Demand for petrochemical and polymer products in the market is expected to grow by 4.5% annually by 2040, a big jump from the current growth rate of less than 1% per year.
Iran has 25% of the production capacity of the Middle East petrochemical industry and 2.5% of world capacity, making it the second largest single producer of major petrochemical products in the Middle East after Saudi Arabia.
Iran has 81 petrochemical companies, 51 of which are privately owned and 30 state-run companies.
