NPC Targets $20b in Petrochemical Export Revenues

Petrochemical exports can generate $20 billion annually within the next few years, taking a major leap forward compared to revenues when international sanctions were in place, an official at the National Petrochemical Company said on Sunday.

"Companies exported $14 billion worth of petrochemicals in 2015 but revenues will cross the $20 billion mark once the construction of major petrochemical plants will be completed in the coming years," Farnaz Alavi, director of planning and development at the NPC said, Shana reported.

"When new projects come on stream, namely in Kurdistan, Pardis (Khuzestan Province) and Kaveh (Bushehr Province), petrochemical production capacity will reach 66.5 million tons a year," she added.

Petrochemical production capacity is around 62 million tons a year, up 4.2 million tons from two years ago. She also forecast domestic sales of petrochemicals to rise by 25%.

Production is expected to exceed 50 million tons in the present fiscal that ends on March 20.

Tehran says it needs $72 billion in foreign investment for 80 petrochemical projects in line with plans to triple petrochemical output over a decade. It hopes to boost production capacity to 130 million tons per annum by 2020.